It is wonderful to be here in Mexico City with you to celebrate Banco de México’s 100th anniversary. This is a significant milestone in a storied history that has spanned the Great Depression and the surge in silver prices, post-World War II stabilization, central bank independence and, finally, flexible inflation targeting. For many central banks, including Banco de México and the Bank of Canada, flexible inflation targeting has become our guiding light, helping us to achieve our monetary policy mandates. So far, it has been more successful and more durable than anything that came before. But the evolution of ... (full story)