By the late 1980s, it had become clear to the Bank that an explicit policy framework, which could be easily and clearly communicated to the public, was necessary to deal with the inflation problem. In January 1988, former Governor John Crow articulated a clear need to focus on achieving price stability.
As the macroeconomic problems intensified through the late 1980s, it became evident that what we needed was an explicit commitment to a path for bringing inflation down. The Canadian experience: agreeing on targets for inflation control February 1991 marked a turning point in this process.