Monetary policy cannot by itself transform a jobless recovery into a job-generating recovery. If anything, keeping the cost of capital excessively low may encourage capital-intensive investment, rather than labour-intensive capital expenditure. 6. Core inflation is not a good predictor of headline inflation, nor of underlying inflationary pressures emerging in a global economy. 7. It is very difficult to measure output gaps.
*  *  *  Mr. Chairman, Mr. Köhler, Managing Director of the IMF, Mr. Wolfensohn, President of the World Bank Group Distinguished Governors, Delegates, Ladies and Gentlemen, The world recognized the need to give priority to the global poverty problem, and expressed a wide consensus on this matter in the Millennium Development Goals.