A recent notable step in this direction is the constitution of a Technical Advisory Committee on Monetary Policy comprising external experts to advise the Reserve Bank on the stance of monetary policy (Box II).
A discussion of some of the practical issues surrounding the operational use of the targets can be found in Freedman (1995). BIS Review 82/1998  -3-  a target path to low inflation. The first guidepost was set for the end of 1992 at a target rate of 3 per cent for the 12-month increase in the consumer price index (CPI).