Full employment is a worthy goal for its own sake, given how important jobs and income are for people's welfare. It is also a precondition for achieving the rates of wages growth that would be consistent with inflation being sustainably within the 2–3 per cent target range that the Bank is mandated to achieve.
That doesn’t prevent me from thinking that for the global economy to get out of this difficult period we have to count very much on Brazil, on Mexico, on China, on India, and on all other major emerging economies. That’s absolutely clear. The potential for global growth is there.