Twenty-five defining moments

1989

New Zealand’s central bank is the first to embrace inflation targeting
Inflation climbs to double digits in the 1970s and 1980s, prompting the New Zealand government to hand the central bank a mandate for price stability, along with the operational independence necessary to achieve it, in 1990. The Bank of Canada follows shortly afterwards and begins targeting inflation in 1991.

1990

Fall of the Iron Curtain prompts wave of central bank creation 
In the first year after the dissolution of th