First, this would be most useful if the committee were prepared to align such a reference value with an intermediate-term inflation target and a consensus on the growth of potential output and if it were prepared to update the reference value or range as its estimate of potential growth changed to maintain consistency with the inflation target.
*  *  *  After two days of intense discussions among policy makers and academics we may conclude that the challenges faced by world and, particularly, Latin American central bankers are not minor, thus requiring prudence, consistency and gradualism.