Here was a goal over which the central bank believes it has a sizeable degree of influence. The inflation-targeting framework provides a benchmark against which the central bank can be held to account in close to real time. If successful, then credibility is likely to build through time.
The Foundations for Central Bank Independence in Retrospect Ultimately the proof of the central bank independence pudding is in the eating. Has central bank independence delivered? The subsequent two decades have clearly seen low inflation.