The prospects for continuing steady low-inflation growth have rarely looked better.
All this has a particular importance for monetary policy, for stage 1 will create powerful pressures on member states to adopt low-inflation policies.
In my judgment, that can come only from a low-inflation economy, lower taxes and lower interest rates.
Moreover, there are dangers in making a mechanical change without having established a low-inflation credential and record.
We have, in fact, a fast-growing, low-inflation economy with a competitive currency.
Above all, some see it as achieving price stability—not only a single currency zone, but a low-inflation zone.
The principal one is to achieve a healthy, low-inflation economy which grows solidly and consistently.
In the low-inflation environment since, central banks have, in the eyes of many monetary economists, changed from a source of (often) politically induced inflation to maximizers of social welfare.
