BIS Review 60/1998  -5-  As inflation accelerated as the 1970s continued, critics blamed the Federal Reserve’s operating procedures for placing too little weight on money growth and too much on interest rates in the conduct of policy. In response, the Federal Reserve in late 1979 put added emphasis on monetary growth targets.
As monetary easing by leading central banks appeared more certain and positive macroeconomic developments at home continued, the National Bank of Serbia decided to lower the key policy rate in two instances, July and August, by 25 bp each, to 2.5%, i.e. its lowest level in the inflation targeting regime yet.