Carney says inflation targeting is worth salvaging

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Mark Carney, the governor of the Bank of Canada, defended the concept of inflation targeting in a speech on May 1.

Delivering a memorial lecture at the University of Alberta, Carney said the debate over inflation targeting since the global financial crisis had shifted from how it could be refined to "whether it could be salvaged".

To improve the inflation targeting framework, Carney stresses the importance of allowing central banks to temporarily shift their emphasis from prices towards growth

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