This paper discusses some operational issues regarding the design of monetary frameworks in general and inflation targets in particular. Among inflation targeters,1 these issues are well-known and manifold (see, inter alia, Yates (1995), McCallum (1995), Debelle (1997), Siklos (1997) and the country contributions in the volumes by Haldane (1995) and Leiderman and Svensson (1995)). They include:...