Deviation of inflation from its targets is found to be larger and more common in EMEs (Fraga, Minella and Goldfaj, 2003). Inflation targeting by itself is not a sufficient condition for success. In view of the above, the characterization of inflation targeting as "the gold standard for stabilizing monetary policy" is misleading.
Once again, new technologies played an important role in facilitating integration: Transport costs plunged as steam power replaced the sail and railroads replaced the wagon or the barge, and an ambitious public works project, the opening of the Suez Canal, significantly reduced travel times between Europe and Asia. Communication costs likewise fell as the telegraph came into common use.