Examples of inflation-targeting regimes In New Zealand, the first inflation-targeting regime, the numerical target is set jointly by the Minister of Finance and the Governor of the central bank and is currently a range of 0 percent to 3 percent, the widest of any of the ranges in inflation-targeting regimes.
New Zealand is quite well-known for establishing performance contracts for government officials, and this approach is followed in the law  BIS Review 65/2001  3  governing the operation of the central bank: The statute allows the governor to be dismissed if inflation performance is inadequate. The Bank of Canada operates under the vaguest legal mandate among inflation-targeting central banks.