And monetary policy should be ready to encourage that process, if necessary, to prevent a spillover of inflation. You would be right to gather from what I have said so far that the best news we can all hope for is a “Goldilocks” US economy - not too hot, not too cold.
These guidelines have the aim to further align the working procedures of the colleges, the efficacy of their decision-making bodies, and the coherence of the practices used across colleges. However, it remains to be seen whether such a framework will suffice, or whether further improvements will be needed. The key challenges now lie in its implementation. Let me mention some examples in this regard.