Although the Bank’s Head of Risk reports directly to me, he has an indirect reporting line to the Governor and, with his team and me in attendance, meets with the Governor formally once a month. He also has an independent meeting with the Chairman of the Board Audit Committee at least once a year.
As inflation targeting has evolved in other countries, and in the thinking of academic economists, a flexible approach to inflation targeting has proved quite popular. Specific goals for inflation are important, yes, but not under any and all circumstances. Real-world economies are subject to unanticipated shocks and unanticipated financial crises.