When we started studying it, however, many economists would have told you that it was unworkable. Not afraid to innovate, we were the second central bank in the world to set an inflation target, a few short months after New Zealand.
Secondly, the astounding developments in electronic data processing techniques that make it possible to store, analyse and transmit a massive amount of information on financial markets, financial assets and financial results of individual institutions to all destinations around the globe. Thirdly, a growing amount of saving, surplus to the investment needs of the major developed and fully industrialised countries.