The target was subsequently changed to 2.5 percent in 1997 and further to 2 percent in 2004.2 Chart 12 shows that the medium- to long-term inflation expectations in that country converged to around 2.5 percent in the 1990s and have been around 2 percent since 2004.
It is of some note that the last four G-7 Summit Communiqués (Halifax, Lyon, Denver and Birmingham) put strong emphasis on such issues while hardly mentioning international macroeconomic policy coordination.