This includes the Banco de España when it adopted, in 1995, a monetary policy framework based on the setting of a quantitative direct inflation target.
This approach had the advantage of providing a clear benchmark for inflation expectations, while helping to avoid a situation where the public was under the impression that the complexity of monetary policy making could be subsumed under a single forecast figure. A further problem posed by strict forms of inflation targeting is that limiting attention to a pre-specified horizon is arbitrary.