Fischer heralds shift to “flexible” inflation targeting

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The credit crisis has not invalidated the inflation-targeting approach to monetary policy but has pointed to a conflict between a strict regime and financial stability, Stanley Fischer, the governor of the Bank of Israel, has said.

Speaking at the Kansas City Federal Reserve's Jackson Hole symposium, Fischer said: "The simplest answer is that there could on occasion be a conflict between the inflation goal of monetary policy and that of financial stability, implying that recent policy responses

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