SPEECH - In the speech 'Comments on Monetary Policy in a Low Inflation Environment' J. Alfred Broaddus of the Federal Reserve Bank of Richmond said much of the progress in monetary policy over the last two decades is due to exceptionally strong leadership since 1979 of, first, Paul Volcker and now Alan Greenspan. But he added that high quality monetary policy is too important to be dependent on exceptional leadership alone which cannot be guaranteed over the long term.

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