Unless otherwise defined, the criterion of constancy means that the government’s economic policy follows a reliable, predictable course. This is also widely regarded as a condition for a proper, planned monetary policy. The pioneering German economist Walter Eucken (1891-1960) described the constancy of economic policy as the constitutive principle of the market economy and thus also of monetary policy, and he recognized a danger to the value of money in the “excitable [jumpily] restlessness” of economic policy, which today discards what was valid yesterday. – See money confidence, inflation rate, expected, capital flight, stability policy, confidence indicator.
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