In the 1970s, when we experienced stagflation, we learned that, if inflation expectations aren't anchored, we end up with a serious inflation issue and the economy doesn't work very well. During the 1970s, there were many strikes and conflicts in the labour market. Everyone was angry. They felt that nothing was being provided to compensate for the inflation.
We learned from that period that it's very important to anchor inflation expectations. The solution at that time would have been to target inflation directly. There was an attempt to target the growth rate of the money supply. However, the relationship wasn't very stable, so it didn't work well.
Ultimately, the decision was made to target inflation directly. This monetary policy framework has worked very well for about 30 years. I'm confident that it will continue to do so.