Thus, central banks have imperfect control over “actual” inflation, as explained by Dr. Svensson (1996).16 Moreover, both markets and individuals may find it difficult to monitor and evaluate monetary policy, since the impact of monetary policy appears with a lag of about one and a half to two years depending on economic circumstances and thus they have to wait that length of time before any proper evaluation can be made.
At the current juncture, sustainability is highly relevant for our generation as well as for generations to come, as the three pillars of sustainable development, i.e. society, the economy and, of course, the environment, increasingly come under pressure. Therefore, redefining the concept of growth in a sustainability context will be crucial to our future path.