“A subtle shift in monetary policymaking is afoot with a new generation of central bankers, striving to secure global economic recovery, prepared to challenge the old doctrine of inflation-fighting at all costs.  Policymakers from the U.S. Federal Reserve to the Bank of Japan have reconsidered or relaxed their inflation targets and have given more emphasis to economic growth.  With the financial crisis having starkly exposed central banks’ failure to stave off danger, and policymakers having responded by flooding world markets with trillions of dollars in cheap funding, a small run-up in inflation may no longer be the anathema it once was.”

http://www.reuters.com/article/2012/12/20/us-centralbanks-idUSBRE8BJ0T120121220

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