The question is not whether monetary stability matters; it unquestionably does, because stable prices are indispensable to investment, savings, production and household welfare. Monetary policy does not operate in isolation from fiscal policy, and every significant monetary-policy decision has implications for government debt-servicing costs, business financing, household borrowing, investment and productive capacity. Fiscal policy, in turn, affects inflation, liquidity conditions, exchange rates and the effectiveness of monetary policy. This difference has implications for regulatory coordination, policy coherence and the transmission of financial policy across the economy. Those outcomes require fiscal policy, industrial policy, infrastructure, human capital, financial-sector development and effective institutions, with monetary policy playing an important complementary role.