Mark Carney, the Bank of Canada governor, has suggested inflation-targeting should be scrapped if further central bank stimulus is required and replaced with a framework centred on nominal GDP. But the Bank of England's (BoE) chief economist, Spencer Dale, is wary of the idea.

Carney told an audience in Toronto on December 11 that it may be necessary for central banks to maintain a highly accommodative policy beyond the point where the economy – and possibly inflation – picks up. He said in this