Monetary Targeting is a policy which attempts to directly limit the growth in the total supply of money in the economy. It was the main policy tool used by strict monetarists. This policy approach failed in the 1980s, when it became clear that the supply of money could not be directly controlled by a central authority.
Monetary targeting is a monetary policy strategy in which the central bank announces that it will achieve a certain value (the target) of the annual growth rate of a monetary aggregate.