On the one hand, a monetary union focused too much on risk sharing is likely to produce moral hazard and too little saving, which harms the union as a whole. But on the other hand, prioritising risk reduction alone is likely to lead to the opposite problem: excess saving and fragile growth as countries are forced to self-insure by running persistent surpluses.
This is the Bank's strong commitment that it will continue expanding the monetary base until the year-on-year rate of increase in the observed CPI exceeds 2 percent and stays above that level in a stable manner. You may wonder why monetary easing will be continued until the inflation rate exceeds, not just reaches, 2 percent.