But by backing off at the eleventh hour, money and credit growth rates have been allowed to expand excessively again and the benefits from the temporary period of tightness have been lost. The Government has made it clear this will not be the case again”.
5 Reddell (1999) contains a detailed discussion of the origins and early development of the inflation target; Grimes (1996) also provides a comprehensive summary of monetary policy developments within the wider reform environment.