Monetary policy operating procedures across the (G-7) industrial world

Central bankers in all countries of the G-7 industrial world share a number of common concerns in the course of implementing monetary policy. Perhaps the most important of these concerns is the desire for price stability as the main goal to sustain output growth and improve the standard of living. Another concern in the majority of these countries is to preserve progress made in reducing inflation to low rates of the past few years , and in principle to eliminate it. Further in conducting monetary policy the central bankers of the industrial world are concerned about the operating procedures transmission mechanism to make sure that monetary instruments suit their goals.

Meanwhile, central bankers have also concerns about the best economic indicators that need to be guaged relevant to their goals of price stability and inflation control. The items of concern can be detailed as follows.