摘要：Recently, it has often been argued that globalization eases the job of central banks as it helps
to tame inflation. This is used to argue that central banks (particularly the ECB, referring to
the objectives as laid down in the EU-Treaty) could or should reduce their efforts in the fight
against inflation in favour of supporting the general economic policies of the governments.
This paper is concerned critically with this argument. It points to the structural changes
associated with globalization and to the corresponding increase in uncertainty by which the
central banks are affected. As an example of this, the increase in financial volatility is
analysed and explained as the result of optimal portfolio allocation, and its implications for
monetary policy are discussed.
