This is very much in line with our own framework and thinking. Conclusion To sum up, it is an error to think that a choice needs to be made between price stability on the one hand, and sustainable economic growth and welfare on the other. Price stability is both a precondition for and a means to enhance durable economic growth and welfare.
The first is just simple arithmetic: the lower the average growth rate of household income, the more likely it is adverse shocks will push it negative. The second factor is a bit more subtle.