How far we go will depend on the evolution of economic activity and prices. In this regard, I think the policy tactics followed by the FOMC over recent years will be helpful. We have moved rates higher gradually and announced our intentions in a manner that underscores that these intentions depend on the economic outlook.
These are extremely complex problems and their remedies will need to take into account many culture specific aspects. However, there seem to be some factors that have universal relevance. One such is the crucial importance of education as a means of ensuring better equality of opportunity and securing sustainable economic growth.