Since I am persuaded that central bank autonomy provides the strongest guarantee of having a low-inflation monetary policy over time, I believe that it is important to ensure that such autonomy remains acceptable in democratic societies. Only with explicit performance targets will accountability arrangements be truly effective. Inflation-control targets are by no means a miracle solution for monetary policy.
But I believe that they provide a framework that leads to better policy decisions, better economic  BIS Review 82/1998  - 13 -  performance over time, and a more accountable, and therefore more sustainable, position for autonomous central banks. BIS Review 82/1998