That being said, we should all be aware that, if price stability is a necessary condition, it is not a sufficient condition per se for sustainable economic growth and job creation. As I have pointed out before, the growth potential of the euro area economy is ultimately determined by its structural features.
We are constantly talking to each other, discussing what we see and how we interpret what we see. 2  There is a sizeable literature on the relative efficiency of committee-based decision making. A committee tends to pool information and ideas from a group comprising different skills and views, and it also provides insurance against extreme preferences and outcomes.