With the clear recognition and appreciation of this objective, agents in the economy - consumers, investors, businesses, financial market participants - begin to adjust their behaviour in ways consistent with an expectation that future inflation will be firmly in line with the inflation target. Price, wage, and financial decisions will tend to be consistent with the target.
So there are externalities to the asset that is being sold, as well as to the financial system as a whole. Liquidity regulation addresses this issue by ensuring that the banking system has some level of liquidity at hand to meet predictable liquidity demands. In the case of Basel III, banks need to have available sufficient liquidity to meet a 30-day stress scenario.