It is true that, if an approach based on inflation targeting is pursued, it is primarily the forecast deviation of the inflation rate from its target rate that serves as the guideline for the deployment of policy instruments. Hence, under this approach, the specific definition of the stability objective is indeed of crucial importance for monetary policy in the short run.
Putting in place the policies and institutions to allow pro-poor growth and achievement of the MDGs in the Caribbean will require persistent action from governments across the region. In this regard, I see both the Commonwealth Secretariat and UNDP continuing to play an active role.