The Fed has an explicit dual mandate to target both inflation and output while the ECB has price stability as its primary goal.

FORBES: Fed's Brave Steps Contrast with ECB's Inertia

Sir Mervyn argued, in the long run, the Bank must maintain its 2% target, as price stability must remain the primary responsibility of all central banks.

BBC: Mervyn King calls for more action to boost economy

Singapore in relation with the primary beneficiaries of 30 or 32 years of political stability and that will allow both these countries to concentrate on the economic development, not forgetting that Indonesia for its sheer size has been very benign in imposing its views on this part of the world.

BBC: Indonesia on the brink

Yet in playing this game, the Bank of Japan has failed in its primary duty as a central bank: to ensure price stability.

ECONOMIST: Japan��s economy

Instead, the primary motivations have been put in terms of security and regional stability.

FORBES: Afghan Agony If All for Nothing

This will probably take the form of a bond buying program using the Emergency Stability Mechanism and the ECB to help push down borrowing costs via both primary and secondary purchases of Spanish sovereign debt.

FORBES: Spanish Bank Stress Test Reveals $76B Capital Short Fall; Path Cleared For Bailout

Once primary dealers start lending their new money, generalized inflation will be a real danger, threatening price stability.

FORBES: Value Destroyers Like Bernanke Fancy Themselves Magician Economists

On Tuesday, he said the Fed would consider extending its direct lending window to Wall Street companies (aka, primary dealers typically not allowed to borrow directly from the Fed) beyond a mid-September deadline to promote stability, as long as short-term debt markets continue to be severely constrained by the credit crisis.

FORBES: Magazine Article