Further, if we are to overlook the brief interruption that was visible in Slide 1, the last two episodes could be counted as one even more prolonged stretch. 10. Is this kind of persistence a return to the conditions that prevailed before the 1980s?
2  BIS Review 10/2004  This is an appropriate moment at which to deal with an argument which is sometimes heard, that our 2-3 per cent average inflation target means that we should tighten policy if, but only if, our forecast for inflation exceeds 3 per cent.