"5 She then added that most other major central banks adopt an inflation objective similar to the 2 percent price stability defined by the Federal Reserve. If high inflation is undesirable for the public, the question naturally arises as to why central 4  Bank of Japan, "The 'Price Stability Target' under the Framework for the Conduct of Monetary Policy," January 22, 2013.
More generally, the ECB welcomed the extension of the Lamfalussy approach to regulation and supervision to all financial sectors.5 The ECB Governing Council also provided its view on the European Commission’s recent review of the Lamfalussy process.6 These are further important examples of where we have contributed to financial integration by giving advice to the shaping of the legislative and regulatory framework of the financial system.