If a severe supply shock hits the economy, keeping inflation close to the long-run target could be very costly in terms of lost output. In such cases, some discretion must be applied. Many of the central banks opt for escape clauses in these circumstances.
Since this process is fully owned by the G20 members, and involves Heads of State and Government, it also confirms the strong commitment at the global level to more multilateralism in economic decision-making. A second example is the designation of the Global Economy Meeting (GEM) as the prime group for the governance of central bank cooperation.