These different causes have very different implications for how the labour market is evolving and would therefore have very different implications for monetary policy. Specifying a numerical target for inflation but leaving the employment target as a qualitative objective is consistent with the practice here in Australia, and in the United States too.
It will depend on our capacity to engage resolutely in structural reforms, to draw all the lessons from the present crisis, without accepting any taboos and to be fully dedicated to our own responsibilities both in the private sector and the public sector.”  2  BIS Review 152/2009