In recent years, most economists' opinions have converged as to the fact that a central bank's main objective is to stabilize the purchasing power of the currency. In choosing specific monetary strategies, the authorities keep in mind the stage of the development of the domestic financial markets. Monetary policy strategies can be implemented through the adoption of operational targets (usually relating to the level of short-run interest rate), or an intermediate target (such as monitoring the supply of money). In any case, the ultimate goal is usually to keep inflation low. In practice, it is extremely difficult to control the supply of money; central banks are not even in the full control of the amount of high-powered money. The only variable directly affectable by them is the short-term interest rate of the interbank market.

To implement whatever strategies they have opted for, central banks in the developed countries influence the short-run interest rate with the three basic instruments of monetary policy: the required reserve, open market operations and loan/deposit operations.

As we observe the evolution of monetary policy toolkit, we see the tendency for central banks to focus on increasingly shorter-run interest rates. On the other hand, the central banks' demand for liquid money is systematically reduced. While the demand for money is bound to continue to dwindle, it will not disappear altogether. One of the key reasons why commercial banks continue to keep balances on account with the central bank is to settle interbank payments. Modern central banks typically act as clearing houses for the banking system, a role which they seem likely to preserve in the future.

The significance of central banks' information policy will probably continue to rise. In the future, the objectives pursued and measures taken by the central bank should become more transparent for the financial markets and businesses.