The ECB and the Conduct of Monetary Policy: Goodhart's Law and Lessons from the Euro Area

C.A.E. Goodhart

Journal of Common Market Studies, 2006, vol. 44, issue 4, 757-778

Abstract: Goodhart's Law states that ‘any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes’. This article explores whether the inflation experience in EMU and the critique of the monetary policy strategy of the ECB can be understood in the light of this law.

Date: 2006
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