Although we have chosen not to give guidance in the form of an explicit path, we have moved in the direction of being more open, but prefer to provide a more generalised form of guidance, to act consistently and allow the market to deduce the appropriate policy path.
Along with a number of other features of inflation targeting or monetary policy, central bank communication is likely to continue to evolve particularly given the increased demand for greater public accountability. Since the crisis there has been some questioning as to whether inflation targeting is enough to ensure price and financial stability and should there be any adjustments to the framework and policy mandates.