Czech Republic, Republic of Korea, Israel, Mexico and Chile also describe themselves as inflation targeters, but not necessarily with explicit, public commitments to specific targets of the sort listed above. THE EVOLUTION OF THE MONETARY POLICY FRAMEWORK It seems a decade is a long time in monetary policy.
4 Awider measure of the nominal effective exchange rate for the euro area is highly correlated with the dollar-euro  rate. 5 I emphasise the impact of the exchange rate on activity levels, since the direct impact on the consumer price  level is very limited for a continental-sized economy.