Dear fellow BOK members, At international meetings I have often raised the new issue that an era of central bank competition is on the horizon. I believe that this is a natural outcome of the increased impacts of central banks on their national economies in line with the changes characteristic of our times.
  Total CPI inflation is expected to be slightly higher than 2 per cent over the coming year, before returning to the target in the second half of 2011.   Despite the firming of the global and Canadian recoveries, there are considerable risks around the Bank’s outlook.   There are two main upside risks to inflation.