Indeed, the experience of other central banks confirms that establishing a specific numerical value for the inflation objective can be viewed as a technical issue that does not necessarily require any new legislation, but, of course, this depends on the political system in each country.
Extensive monetary and fiscal policy measures helped avert turmoil in financial markets and a liquidity crisis in the real economy. These policy measures also shielded the financial system from the corona shock. As a result, the financial system has proven robust – not least thanks to the G20 regulatory reforms implemented after the global financial crisis. Regulation is more flexible and less procyclical.