The trend decline and subsequent stabilisation reflected the success of central banks’ monetary policy in regaining control of inflation and in establishing strong credibility. However, in mid-2014 these benign developments were overshadowed by a decline in long-term inflation expectations, which, from a central bank’s perspective, was highly concerning4.
These include labour, unions, businesses and entrepreneurs, civil society organizations, and households at various levels in the income distribution.” It is not only investment in fixed capital that is essential. Human capital is as important, if not more so.