Paradoxically, inflation has been low for so long in some countries that people seem to be forgetting what it was like in the pre-independence era. Recent examples of central banks whose independence has been severely compromised and where inflation and interest rates have drifted away from healthy levels should serve as a useful reminder.
Let us not forget that the potential consequences of political interference in monetary policy remain valid regardless of whether inflation is either too low or too high. Political horizons are typically shorter than the time it takes for the effects of monetary policy to fully unfold.