Such an approach might leave the central bank open to the criticism that it has adopted only the language of a more formal inflation target without any of the constraints that normally go with such a regime and, in doing so, is being less transparent, not more. Having an announced inflation target that is pursued flexibly might also lead to greater uncertainty about policy.
Deviations of inflation from the target would be highly visible, and the public might not know whether the central bank would choose to return inflation immediately to the target or allow the deviation from target to persist for some time. Allowing inflation to persist by exercising the various escape clauses embedded in many flexible inflation-targeting regimes might also erode central bank credibility.