To deliver price stability in the medium term is necessary for five reasons: first, it is  BIS Review 92/2008  1  what the European democracies have asked us to do when they created the ECB; second, it is what our fellow citizens are asking us to do in the present circumstances; third, it is particularly necessary for the most vulnerable and the poorest segment of society; fourth, it is a necessary precondition for sustainable growth and job creation and fifth it is particularly important to solidly anchor inflation expectations in a period of financial market tensions and volatility.
See Jerome H. Powell (2020), “New Economic Challenges and the Fed’s Monetary Policy Review,” speech delivered at “Navigating the Decade Ahead: Implications for Monetary Policy,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo. (via webcast), August 27, https://www.federalreserve.gov/newsevents/speech/powell20200827a.htm.