We appear by now to have acquired sufficient experience to be able to see that this argument was baseless.
On the basis of these considerations, until 2000 the government continued to display reluctance to set annual inflation targets (it deferred determining a target for as long as possible, leaving it to the end of the year, ignoring the logic regarding the lags with which monetary policy takes effect; from time to time it considered accepting the inevitability of rising inflation; it refused to set a long-term or final target).