In this respect the inflation target is too "forgiving" an objective; failure is not penalized, nor is greater effort demanded. In contrast, under a price-level-targeting scheme, continuing deflation combined with an upward-sloping path for the price-level target causes the size of the price-level gap to increase over time.
If this does not happen rapidly enough or visibly enough, protectionist pressures will arise, and rapidly become vociferous and politically compelling. The efforts of several countries around the world to resist currency appreciation are a manifestation of protectionist pressures. 19.