As the financial landscape became more uncertain, a broader tightening of credit conditions took hold, with investors becoming less willing to bear risk, more concerned about the valuations of a wide range of complex financial instruments, and more concerned about counterparty credit risk.
This speech looks back over those two decades of inflation targeting to see what lessons we can draw from these experiences, as well as outlining some of the challenges ahead. 2. Assessing two decades of learning  The framework we put in place in 1989 and refined in the following two decades has now been adopted in its main features by over 20 countries.