Whereas early versions of inflation targeting simply specified a target (usually reasonably rigorously, ie narrowly), and even went out of their way to avoid any mention of economic activity (or its related variables, such as unemployment) in the target itself or in inflation reports, over time there has been an increasing recognition that the target is operationally much more complicated than this, and that for it to be successful it must embody a considerable degree of flexibility.
While we can celebrate this achievement, and I think we should, our journey has just begun. There are still outstanding areas and issues that need to be addressed. Much has been said about financial inclusion and so I feel I need to explain what it means. Maybe it will help us understand and appreciate its relevance to our country.