Certainly, the Bundesbank did not put the same emphasis on communication and transparency that modern inflation-targeting central banks do. 2  Mishkin and Jonas (forthcoming) describe the experiences of the three transition economies with inflation targets. 3  A few countries that used inflation targeting in the transition to European monetary union are a partial exception.
The European Central Bank itself has an inflation objective (a ceiling of 2 percent) but does not refer to itself as an inflationtargeting central bank, largely on the grounds that (officially, at least) it also puts some weight on money growth in its policy decisions.