Nestor A Espenilla, Jr: Ready in the age of great convergence Speech by Mr Nestor A Espenilla, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the Security Bank Economic Forum, 21 November 2017.
Inflation-targeting regimes generally have fixed targets, with bands and tight timelines for their achievement. This inflexibility sets clear objectives and helps hold central bankers accountable. It also can create a virtuous circle.