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If growth is too slow, the economy may fall into deflation, which leads to even slower growth and will be very hard to reverse once it begins.
At the Fed's annual policy symposium in Jackson Hole, Wyo., late last month, the Fed chairman, Ben S. Bernanke, made clear he was prepared to take additional action to forestall the danger that the American economy might fall into deflation, a sustained period of falling prices like the one that has afflicted Japan since the early 1990s.
Carney said that the UK might fall into deflation next month, but inflation was expected to pick up, notably towards the end of the year.
But persistent low inflation throughout 2014 stoked fears that the currency bloc could fall into deflation as consumers held off spending and businesses postponed investment as price fell.
If China and Europe both were to fall into deflation, he said, "That could be a very serious problem that could spill over to the rest of the world".
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Mr Miles said he did not see a risk of the UK falling into deflation.
Then Japan's economy burst, and the country fell into deflation and economic stagnation.
It fell into deflation in the late-1990s, with unpleasant but not apocalyptic consequences for both itself and the world economy.
The economy fell into deflation and Japan, already the world's biggest exporter of savings, became an even bigger one.
From the mid-1990s, Japans economy charted a unique trajectory: it fell into deflation and never fully emerged from it for nearly the next twenty years.
In a speech to the Economic Club of New York, Mr. Greenspan repeated past assertions that the United States was "nowhere near" falling into deflation.
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