Thus, we have a strong incentive to ensure that the public is well informed about the circumstances that could affect our achievement of the objective. It is not surprising that in some countries inflation targets and increased autonomy for the central bank have gone hand in hand.
An autonomous central bank has traditionally fitted somewhat awkwardly into a democratic society.12 However, once targets are set and the central bank is charged with achieving those targets, it is much more feasible for Parliament and the public to hold the managers of monetary policy to account for their performance. 11  Thiessen (1995). 12  See Rasminsky (1966).