But we have not found any features that imply that the framework itself should be revolutionised – that the Bank has been confronted with new developments is an unavoidable fact of life, not just monetary policy. 20  Where to from here?
The next stage in our evolution Our increasingly flexible approach to inflation targeting outlined above has been made possible by the achievement and maintenance of credibility regarding our framework. There are two key aspects of the framework – two of our stakes in the ground – that remain as important today as they were in 1989. These are operational independence and transparency.