This lack of specificity suggests that appropriate monetary policy might engender inflation that is far from the 2 percent target for years at a time and thereby creates undue inflation (and related employment) uncertainty. Relatedly, the lack of a public timeline for a goal can sometimes lead to a lack of urgency in the pursuit of that goal.
BIS Review 75/2007  1  Corbo’s presentation stressed the sequential process that the Chilean economy underwent to arrive to a situation of macroeconomic stability. Vittorio was very precise when describing the gradual phases followed by Chile to develop the current monetary regime.