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
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