2. The statutes of the recently established European Central Bank (ECB) state that its primary objective is to maintain price stability. How does this charter differ from that of the Fed? What significance does it have for monetary policy?

3. Do you think the Fed should be given a clearer legislative mandate concerning macroeconomic goals? If so, what should it be? 4. Referring to the Case in Point on targeting, what difference does it make whether the target is the inflation rate of the past year or the expected inflation rate over the next year?