While a single target is more precise, few legislatures would tolerate a central bank disclaiming any responsibility for the cyclical state of the economy or at least failing to respond to cyclical weakness.
Controls were imposed on capital movements to permit interest rates to be managed in pursuit of domestic objectives. The liberalisation of trade contrasted with a segmentation of the market for savings and financial assets on a national basis. Current account imbalances were to be promptly corrected by means of a fiscal policy serving to re-establish the equality between saving and investment.