November 2018 Revision

The nomenclature of the second aggregation of monetary policy frameworks has been changed from ‘stages of development’ – with subgroups ‘basic’, ‘intermediate 1’, ‘intermediate 2’ and ‘developed’ – to ‘degree of monetary control’, with subgroups ‘rudimentary’, ‘intermediate’, ‘substantial’ and ‘intensive’. The change reflects both a view that ‘developed’ begged too many questions and the view that the previous perspective was inappropriately monotonic. The allocation of the various frameworks among these four aggregates has not been changed.