11  I can recall being asked by an IMF official during the mid 1990s whether, if inflation rose above the target, we were prepared to create a recession to get it down again. The implication was that we should be.
Where markets learn ahead of time of planned initiatives, they can, by their actions, undermine the intended outcomes. The general tendency towards disclosure should however be encouraged, though the use of discretion will still be required from time to time.