These communications challenges are likely to be greater for a central bank that practises price-level targeting than for one that practises inflation targeting. The general public can easily relate to a well-publicized and straightforward number like the inflation rate, and to an inflation target that remains constant over time.
The system we now have is that the US dollar is the world’s reserve currency by virtue of the dominant size of the US economy, its share in global trade and the preponderant use of dollar in foreign trade and foreign exchange transactions.