There may be sufficient nominal rigidity around zero that the adjustment to a temporary period of unexpectedly low inflation is more awkward in the second case. If true, this is a reason not to aim at inflation of only 1 per cent to start with – but that's another story.
The 2003–2008 boom phase showed the dangers of insufficient risk management, with optimistic projections about future economic prospects spilling over into excessive construction activity and financial speculation. This was amplified by a surge in foreign debt inflows into the domestic banking system.