My government believe the historic decision to give the Bank of England the power to set interest rates has been crucial to the meeting of its inflation target and credibility in the system.

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He thinks the bar for changing the inflation target regime is very high, because this is the best system that central banks have ever tried.

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The three key elements of this policy remained the adoption of a floating exchange rate system, the anchoring of monetary policy to the inflation target and the acceleration of banking sector reforms, he said.

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But he might not like a further corollary: under a target-zone system, responsibility for exchange-rate management, as well as for controlling inflation, has to be given to the same policymaker.

ECONOMIST: Off target