The reason monetary regimes have been set up to aim for low inflation is that this is the best contribution monetary policy can make in the longer run to growth in output, employment and living standards.
I wish to remind everyone that it was no lesser personage than Derek Walcott who chose to open his 1992 Nobel Prize acceptance speech for Literature entitled “The Antilles: Fragments of Epic Memory” with a strong and striking reference to Ramleela in Felicity, replete with color, song and ritual.