It is therefore perhaps not surprising that one has to go far back in history to find an example of a level‐targeting central bank. In the 1930s, the Swedish Riksbank pursued a price level targeting strategy. See Berg and Jonung (1999). 14 See, for instance, Walsh (2003).
Two more Guidelines have been issued to the industry for consultations. The Guidelines on Corporate Governance, effective June 2001, and on Related Party Transactions, effective January 2002, put the roles and responsibilities of Boards of Directors of banks in the right perspective.