As I have also already noted, concerns about the feasibility of this approach have been put to rest by the experience of the past decade or so. Central banks in many countries, with either an explicit or an implicit inflation target, have demonstrated the capacity to keep inflation low and stable.
Indeed, recent research suggests that the combination of an inflation target, central bank independence, and a market-determined exchange rate tends to reduce variability in both inflation and output, even in small open economies such as Finland and  3  When the parity is nominally fixed but can be varied, and if capital flows are less than perfectly free, monetary policy under a fixed exchange rate may have a degree of independence; thus, the resolution of the trilemma may not be a stark choice of two of the three elements but a partial adoption of each.