There are many out there, but the most popular ideas these days are (i) raising the inflation target, (ii) targeting a path for prices or nominal income, or (iii) adding full employment to our objectives.8 The Bank considered many of these alternatives as part of past renewal processes.
For example, after the financial crisis of 1907, the Federal Reserve was established to act as a lender of last resort. And after the banking crises of the 1930s, we saw the birth of capital requirements and deposit insurance, in the US and elsewhere. The reforms after the 2008 Global Financial Crisis can be seen in that historic context.