Argentina, which is still recovering from its 2002 debt crisis and the collapse of its currency board, has set unofficial target ranges for inflation. The new monetary approach is a good one for Latin America, I believe, for several reasons.
First, in contrast to the structuralist past, the inflation-targeting approach recognizes the key role of the central bank's monetary policies in determining the inflation rate. No longer can the monetary authorities claim that inflation is not under their control.