The first thing to say is that these changes to the inflation process are uncertain and it is unclear how long lasting they will be. Also, with long-term inflation expectations anchored at 2%, there remains broad confidence in the effectiveness of the current framework. We should therefore be cautious about making any recommendations for change.
I have talked today about the main developments affecting the low inflation record: a favourable 9 / 12  BIS central bankers' speeches  and long-lasting global supply shock arising from supply-chains, the rise of China and the digital economy; and a domestic economy that is now more integrated with the global economy. Both are important but have somewhat different implications for monetary policy.