Indeed independence can be seen as the logical step in a chain of recent reforms that mark Labour's retreat from the top-down target regime.

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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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Some conclusions might have been expected: that there was some evidence - not quite conclusive perhaps, but evidence all the same - that the waiting list target regime really did increase the number of patients treated by English hospitals compared to Welsh ones.

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Lastly, the G7 commitment to prevent exchange rate misalignment following the prolonged financial crisis in emerging markets has prompted policy initiatives to create a loose target-zone regime among the dollar, yen and euro.

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This is partly thanks to the central bank's regime of inflation targeting (with a target range of 2-3%), which helped to cap inflationary expectations.

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