However, there is also no doubt that market forces alone are not sufficient. That is why we need an international regulatory framework for the global community, with recognized and clear rules and with effective institutions.
The high and volatile inflation and interest rates of the 1970s and 1980s are a distant, though painful, memory. Recently, however, inflation targeting has come under increased scrutiny. Many advanced economies have seen inflation either slow down or remain weak, even while economic growth has been strengthening. This has led some to question whether central banks can still target inflation effectively.