Granting, for the sake of argument, the force of this logic (and even its critics could hardly deny its coherence), it would be foolish to underestimate the risk of runaway inflation and underplay the economic and social harm it would cause. To the extent that tolerance of above target inflation also reflects a desire to erode the real value of public and private debts, market interest rates could soar, leaving indebted governments and households in even greater trouble.