BIS Home Page The BIS is an international organisation which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. What's New 10 June: Conference jointly organised by Bocconi University and the BIS: Risk and Stability in the Financial System: What Role for Regulators, Management and Market Discipline Read 10 June: Working Papers: Determinants ...

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CENTRAL BANKING: THE CHALLENGES AHEAD Maintaining Price Stability STANLEY FISCHER The enduring challenge facing central banks is to fight inflation. Central banks can best meet this challenge if they are independent and adopt a low inflation target with some flexibility for price shocks in recognition of the short-run trade-off between inflation and unemployment. HE FUNDAMENTAL task of the ...