Thus, if the economy's true equilibrium real funds rate deviated systematically from that value, the intercept term would need to be adjusted to ensure that the inflation rate converged over time to its longer-run goal.
6  BIS central bankers’ speeches  achieving structural budget balance would also ensure, ipso facto, compliance with the rule on debt under favourable scenarios of economic growth.3 * * * Seventeen sovereign countries that share a single currency form a reality without precedent in history. The euro is a bold intellectual construction, a courageous and farsighted political project.