However, there is definitely something positive about negative interest rates: it is a strong reminder that the time has come for other policy tools, including fiscal and structural ones. 2. Other global risks  2.1  China  Let me now turn to other global risks, starting with a country in this region of the world: China.
One exception is the Reserve Bank of Australia, whose inflation goal is specified as a range of “2-3 per cent, on average, over the medium term” and thus might embed some notion of history dependence. However, Ruge-Murcia (2014) argues that the drift in the price level in Australia is comparable with the drifts observed in economies with purely forward-looking specification of the inflation goal.