Let me conclude by quoting two phrases from a couple of John Murray’s articles on IT, which in my view provide a splendid closing to what I have just said: “Perhaps inflation targeting will be supplanted by a new, and even more promising alternative. At the present time, however, there does not seem to be any obvious contender.
For those who desire monetary policy independence, most of the other policy options have already been tried and found wanting”. 15 “One thing is certain, no matter what is decided. The most important contribution that a central bank can make to economic well-being of households and businesses is the achievement and maintenance of price stability.