To clarify how it seeks to achieve these objectives, the FOMC stated its collective view that inflation at the rate of 2 percent, as measured by the annual change in the price index for personal consumption expenditures, is most consistent over the longer run with the Federal Reserve’s statutory mandate; and it indicated that the central tendency of FOMC participants’ current estimates of the longer-run  1  Board of Governors of the Federal Reserve System (2012), “Federal Reserve Issues FOMC Statement of Longer-Run Goals and Policy Strategy,” press release, January 25.
The delay and the lack of a robust global policy framework increase the probability of incomplete or inconsistent implementation of the agreed rules. 5. Closing remarks  Lagging reforms – like in OTC derivatives markets – show the need to continue exerting pressure on jurisdictions to push forward with financial sector reforms.