Contents -- I. Introduction -- II. Motivation for adopting Inflation Targeting -- III. Conditions at the Time of Introducing Inflation Targeting -- IV. Transition to Full-Fledged Inflation Targeting -- V. Benefits of Inflation Targeting -- VI. Challenges in Implementing the Inflation Targeting Framework -- A. Challenges Faced to mid-2007 -- B. Challenges from mid-2007 to mid-2008 -- VII. Lessons from Country Experiences -- References -- Tables -- 1. Motivation for Adopting Inflation Targeting -- 2. Main Elements of Successful Inflation Targeting Implementation -- 3. Summary Status of Inflation Targeting Preconditions at the Time of Inflation Targeting Adoption -- 4. Transition to Full-Fledged Inflation Targeting -- 5. Emerging Europe Inflation Targeting Countries: Policy Responses Following the Commodity Price Shocks -- Figures -- 1. Coordination of Other Supporting Economic Reforms/Policies with Capacity -- 2. Inflation Targeting Countries: Actual versus Targeted Inflation, June 2008 -- 3. Sample Emerging Market Countries-Evolution of Actual Inflation Relative to Official Targets, January 2002-June 2008 -- 4. Inflation Performance and Monetary policy Frameworks -- 5. Inflation Targeting Countries: Policy Rate Changes, July 2007-June 2008 -- 6. Inflation Expectations vs. Actual and Targeted Inflation, June 2008 -- Appendixes -- I. Background and Brief Summary of the Book On Implementing Full-Fledged Inflation Targeting Regimes: Saying What You Do and Doing What you Say -- II. Detailed Information on Country Experiences.