Actually, I'm in uncharacteristic agreement with Mario. There are many problems, many challenges ahead. Most of them do not relate to monetary policy. Monetary policy has to be recognized as a blunt instrument that cannot be used to solve a large set of problems. It can really be targeted at one, which is where the price level is going over the long run. I agree with everything Mario just said.
On November 15th, 2011. See this statement in context.