In this paper, we examine how to improve Korea's inflation targeting to respond to financial crises more effectively. The global financial crisis also featured high inflation, which made it difficult for many central banks to implement desired monetary policies. Using a panel analysis, we find that non-inflation targeting countries' monetary policy reactions changed to a statistically significantly degree during the crisis, while those of inflation targeting countries did not. We conjecture from these findings that inflation targeting can be a barrier to monetary policy flexibility by elevating inflation- ary pressure. Given that low inflation and interest rate conditions, which can also create asset bubbles, are expected to persist for the foreseeable future, central banks must hold more discretionary power to enhance their ability to response to crises. Further, the Bank of Korea's inflation targeting regimes has strict evaluative criteria relative to most other developed economies. To better respond to crises going forward, these criteria should be modified so that target inflation is set only from a medium-to long-term perspective.