The idea is that interest rates would generally be higher if we had a higher inflation target, so we would have more room to lower rates in the future before we hit that effective lower bound. However, we have learned from recent experience that there are unconventional monetary policies that give us more room to manoeuvre than previously believed.
For this reason, it is critical that we better pool the analysis and assessments of supervisors and central bankers across the major economies and financial centres and that of the international financial institutions that undertake surveillance of the global financial system. The FSF and the IMF have begun a process to do just this.