translate English to French: If, over the long run, the real side of the economy is fundamentally self-equilibrating, the authorities may be reasonably conﬁdent that generating a rate of monetary expansion consistent with nominal spending growth equal to the rate of growth of natural or potential output will be consistent with price stability in the long term; and that gradually reducing the rate of monetary expansion to that growth rate will, over time, bring about the desired reduction in inﬂation.
La mesure combine donc la variation des taux d’intérêt à court terme à environ un tiers de l’appréciation, en pourcentage, du taux de change par rapport à une période de référence.