In order to achieve sustainable economic growth without people anticipating inflation, the private sector should be continually revitalized through innovations and expansion of business frontiers. One obvious example of this is the U.S. economy, which has enjoyed eight years of uninterrupted expansion.
3 It represents a major contribution to the ongoing cyclical recovery. And the Governing Council  2  See Cœuré, B., “Lamfalussy was right: independence and interdependence in a monetary union”, lecture at the Lamfalussy Lecture Conference, Magyar Nemzeti Bank, Budapest, 2 February 2015. 3  See ECB, “The transmission of the ECB’s recent non-standard monetary policy measures”, Economic Bulletin 7/2015, pp.