It had long allowed neglecting the issue without taking into account what is obvious: insufficient income limits the possibilities for people in poverty to purchase even the basic goods and services. This not only undermines their well-being but also hampers domestic consumption. In other words – high levels of income inequality prevent stronger and more sustainable economic growth.
Carlos da Silva Costa: Policies and governance framework required to ensure Europe’s prosperity Opening address by Mr Carlos da Silva Costa, Governor of the Bank of Portugal, at the Seminar on “Governance and Policies for Prosperity in Europe”, Lisbon, 10 April 2015.