Similarly, as I mentioned earlier, the ECB also clarified its inflation objective, and this change was implemented smoothly. in either direction treated symmetrically in December 1997, about seven months after the creation of the Monetary Policy Committee and the granting of Bank of England independence (Bank of England, 2008). 32  See Brown (2003) and King (2004) for the rationale behind the change.
BIS Review 95/2008  11  Would this proposal provide a sufficient degree of commitment to the nominal anchor? By stating its intention not to modify the mandate-consistent inflation rate without a clear technical rationale, I believe that the FOMC would provide a firm nominal anchor that would not differ much in practice from some alternative commitment to a specific numerical inflation objective.