Not a sufficient condition because there is no empirical evidence to establish that the benefits of higher growth outweigh the costs of welfare loss associated with higher inflation. 55. Key to our collective national aspiration for sustained high economic growth is low and steady inflation.
Our commitment to our dual objectives, together with the underlying strengths of the US economy, will help ensure that the dollar is strong and a source of global financial stability”. This is a very important statement by my colleague, with whom I have a very good relationship. We are fully aligned in this analysis. Thank you for your attention. BIS Review 146/2009  3