their effects, so that the decisions it takes successfully navigate through a modified
transmission mechanism and alter the economic variables in the intended fashion.
The general changes in the global economy, shocks in commodity prices, financial
market volatility and national (but non-central bank controlled) fiscal policy are just
the main external factors that can modify the transmission mechanism's structure by
directly affecting the way in which the transmission channels work. But other
exogenous factors may originate in a wide range of external events and the central
bank needs to be efficient in clearly identifying the mutations induced in monetary
transmission. In an ever more global economy, this ability of the central bank is a
crucial condition for the accomplishment of monetary policy objectives.