BIS central bankers’ speeches  1  somewhat below the levels that FOMC participants judge to be consistent, over the longer run, with our statutory mandate to promote maximum employment and price stability.
It may be a necessary, but not sufficient, condition for growth, as the Irish experience of the 1980s shows. The supply of capital is another key element in an economy's growth potential, whether that reflects domestic capital accumulation or, as in Ireland's case, significant foreign direct investment inflows. Again, the story here is quite complex.