Our approach to the inflation target itself evolved somewhat over the 14 years. In 1988, the target was simply expressed as "0 to 2 per cent".
When the first formal Policy Targets Agreement was signed early in 1990, the target was still 0 to 2 per cent, and there was explicit provision for renegotiating the target if the inflation rate was affected by what we referred to as "caveats" - large external shocks to the price level (such as a big change in the international oil price), changes to indirect tax rates, and similar.