Paul Volcker, former chairman of the US' Federal Reserve, has called for a return to "more orthodox central bank policies" by the Fed, and expressed his opposition to targeting a specific level of inflation.

Volcker also described the Fed's "fashionable" dual mandate, targeting both price stability and low unemployment, as "both operationally confusing and ultimately illusory", implying as it does "a trade-off between economic growth and price stability, a concept that I thought had long ago