2/5  BIS central bankers' speeches  Similarly, credit rating upgrades have recently outpaced downgrades by a substantial margin on both sides of the Atlantic (right-hand chart, Slide 6). In Europe, the pace of upgrades has even accelerated compared with the second quarter.
Page 3 of 12  In 2000, South Africa adopted an inflation-targeting framework, with government and the SARB agreeing on a target range of 3-6%. Similar developments were evident in many other African countries, including in Ghana, which adopted inflation targeting in 2011. While the operational framework had changed, the underlying objective of price stability did not.