A solution often given by proponents of inflation targeting is that a “forecast competition” exists between the central bank and outsiders, which forces the central bank to formulate the best inflation forecasts it can and to publish them together with a description of their forecasting method. This would enable the public to examine ex ante - i.e.
BIS Review 20/2010  3  It is important that the international banking community participate in this process and fully appreciate the determination with which it is being pursued.