This situation, however, is worth studying further, as it is relevant when thinking about the operational framework in the longer run. Conclusion The brighter economic prospects have increased our confidence in the gradual convergence of inflation towards our aim. At the same time, a substantial amount of monetary accommodation continues to be necessary to secure the gradual convergence of inflation towards our inflation aim.
But this expansion has also had the slowest pace of GDP growth of any postwar recovery (figure 6). Given steady but modest growth, we have seen surprisingly large gains in employment and, until this year, a rapid reduction in the unemployment rate.