The crisis focused attention on two particular issues: firstly the role of monetary policy with respect to output stabilisation or economic growth, and the second on the objective of financial stability. For some time it has been widely accepted that the core objective of monetary policy is price stability.
During the 1990s inflation targeting was increasingly accepted as the preferred monetary policy framework, and during the 2000s, in the lead up to the crisis, the world experienced what became known as the great moderation, with inflation seeming to have been tamed in almost all countries.