To the extent that a number of Latin American countries had chosen a fixed exchange rate as the nominal anchor for their monetary policy, in the hope of driving down the rate of inflation and keeping it low by a commitment to a fixed exchange rate, there was no place for inflation targeting in this strategy: this was clearly an alternative strategy to inflation targeting.
But over time, the fashionable paradigm on exchange rate regimes has shifted, for several reasons. First, a number of countries found the use of the exchange rate as a nominal target presented serious problems during the phase of inflation reduction. Even though this strategy might have been quite effective in getting inflation down, inflation came down slowly and greatly eroded their international competitiveness.