2.4  Price stability should still be understood to mean low inflation rates  Even though the pre-crisis consensus regarding price stability as the primary objective of monetary policy remains valid, it can be asked whether experience of the crisis should have implications for the specific form that the objective of price stability takes.
Specifically, there have been concerns that the credible commitment to ensure a low rate of inflation might restrict the leeway for monetary policy stabilisation, since, in the event of the massive interest rate cuts, the lower bound for nominal interest rates would be hit quite quickly.