Since I mentioned Nicolas Oresme as an early theorist of the constitutional nature of money, I will also quote his words on this matter, to which, 640 years later, I can entirely subscribe: "Moneta debet esse quasi quaedam lex et quaedam ordinatio firma". Money must be as solid as a law.
Reflecting all these factors, the Committee has indicated in its post-meeting statements that it expects inflation to return to 2 percent. With regard to our degree of confidence in this  5  It is noteworthy that in several inflation-targeting economies, the ten year expected inflation rate has settled precisely at the target inflation rate.