I think we need a broader band or range, as indeed Jim was also suggesting, but also we should include another variable in there. If you take the U.S. case, it's governed essentially by the Humphrey-Hawkins Full Employment Act of 1978, and they're still committed to those basic principles that guide the governor of the Federal Reserve as well, which includes unemployment there. That's the point I was trying to make earlier, which is that we should have both a broader band for the inflation rate as well as some sort of concern about where we should reach in terms of some employment targets.
On November 15th, 2011. See this statement in context.