I live in a democracy and believe that I have some amount of control over the government.
It helps that most everyone around me has the same concerns and even the government needs a stable economy otherwise they can't do shit.
The inflation would be better at 2% than 3.2% (US), 2.4% (EU) but already much better than last year. Seems to be working.
A much better mechanism would be even more fiat currencies to chose from so that they compete on stability.