While many other countries have now adopted inflation targeting, each country brings its own history, traditions and institutions to these decisions. For that reason, we find a variety of institutional structures are utilised. My comments today obviously will draw heavily on the New Zealand regime.
And while I will attempt to generalise the lessons we have learned, and to draw from the experience and structures of other inflation targeting central banks, it is important to highlight up front that there are few fixed points for the architects of a new inflation targeting regime to fasten on. We are still learning and adapting as we go.