Schembri immediately got the conference off on the wrong foot, saying that the inflation targeting regime has had its current specification since 1995. This is clearly false. In February 1991 when the regime started, Finance Minister Wilson and Governor Crow were committed to a goal of price stability, with a series of lower and lower inflation targets, 3%, 2.5%, 2.0%, with an unspecified lower target rates to follow until price stability was achieved. In December 1993, at the insistence of Liberal Finance Minister Martin, the goal of price stability was put on hold and the 2.0% target for the end of 1995 was extended over the period that followed. The target rate has never been changed since, and for all intents and purposes the price stability goal has been abandoned. Shame on Schembri for trying to rewrite history. Shame on the Globe for failing to notice.