The fact that so many prominent English-speaking former colonies are counted among the rich of the advanced world today is perhaps not entirely a coincidence (Grier 1997; Acemoglu, Johnson and Robinson 2001 and 2005).4 In my own field of central banking, we have a good deal in common.
The Bank of England and the Reserve Bank of Australia conduct monetary policy using the approach of a mediumterm target for consumer price inflation, endorsed by government, with operational  3  World Bank, World Development Indicators, September 2013; figures are for 2012.