The framework thus ensures that there is a clear allocation of responsibility; and it ensures that interest rate decisions are taken by a competent authority dedicated to the task and acting independently. Thirdly and fourthly, the inflation-targeting framework is one that delivers a high degree of transparency and accountability.
Transparency and accountability is achieved through the full statement the MPC issues immediately after each meeting, through the range of publications the Reserve Bank issues setting out its view of developments, and through the public appearances the Governor and his colleagues make in explaining the Reserve Bank's policy activities.