Interview: Manfred J.M. Neumann

You are known perhaps as the leading German monetarist. What do you see as the legacy of the monetarism?

The legacy has been first, that if you want to control inflation then you need to control money growth and that means you have to hold money growth on a non-inflationary trend. Preferably you would have a monetary rule, which you follow. Secondly, the other legacy is that you should keep money growth as stable as possible in order to avoid becoming, as a central bank, also a source of

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