I don't know whether anyone ever had the temerity to argue that central banking is boring. Of course, one could always argue that central banking and monetary policy are supposed to be boring in the sense that the central bank should be blindly following some version of a Taylor rule and/or a specific nominal target for the inflation rate as well as the growth rate in the monetary base. Kind of like a good referee in soccer; if you don't notice him (or her), we should consider it a job well done.

Ultimately of course life is never that easy. I only need to invoke the M3 measure in the Eurozone to show this. For those of my readers who don't get the wonky joke here, the ECB is formally targeting a growth rate in the M3 somewhere between 3-4%. As far as I know, it has been way above this