Second, it has been put forward that a modestly positive rate of inflation is required to ensure that monetary policy can always engineer negative real interest rates, should this be required. There are good and well-known reasons not to overstate these arguments. At the same time, the definition of price stability chosen by the Governing Council allows for moderately positive inflation below 2%.
Post-crisis financial sector reforms were agreed at a global level in order to make sure that 2/4  BIS central bankers' speeches  certain minimum standards apply in all jurisdictions. At the same time, many macroprudential policies that were implemented after the global financial crisis were without precedent.