﻿[10] The New Zealanders had adopted the first formal inflation target in 1992. The Canadians and Swedes followed. The UK had just adopted an inflation target. It is noteworthy that this was a couple of years before the Bank of England received its independence.
Andy wasn't sure whether to invite the RBA as we had put in place a ‘soft’ version of inflation targeting around 1993, in marked contrast to the (then) hair-shirted framework of the New Zealanders and the Canadians. Graciously he erred on the side of inclusiveness in inviting Glenn Stevens and me to talk about the Australian model.