Fed's Ferguson on central banking in the US

In a speech on 'The evolution of central banking in the United States' given on 27 April Roger Ferguson of the Federal Reserve said that central banking practice adapts over time as markets evolve and this had been the Fed's experience and would likely be shared by the ECB.

In the speech Ferguson said that one of the Fed's most important tasks -- communicating with markets -- was a "work in progress."

"Monetary policy arrangements do, and should, adjust over time to changes in the economic and

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