He says: "Given the ferocity of the shocks that have already hit the economy, and the pervasive uncertainty that persists about global economic and financial conditions, these are circumstances where taking longer than usual to re-achieve the 2% target is warranted, so that the economy’s supply capacity is not impaired by more than can be avoided." But he cautions that "...an absolute precondition for maintaining that support to demand, and so limiting the damage to the economy’s supply capacity, is the credibility of monetary policy."
Published on
22 November 2011
Press release