It also means getting the balance between domestic and external demand right, and appreciating the sensitivity of medium- and long-term growth to the composition (and size) of domestic aggregate demand. Against this background, monetary policymakers must be cautious, because low interest rates can shift the growth model back toward leverage and domestic consumer demand, stalling the structural shift to the tradable side that is underway.
这也意味着保持内需和外需的合理平衡，提高中期和长期对国内总需求的组成（和规模）的敏感性。在这样的背景下，货币政策必须谨慎，因为低利率可能让增长模式重回杠杆和国内消费需求，阻碍正在发生的向可贸易部门转变的结构性变化。