Mr Carney said there was room "within the framework of flexible inflation targeting that exists in most advanced economies", for central banks to achieve monetary stability over the appropriate horizon.

BBC: Davos 2013: A 'sigh of relief' at the World Economic Forum

But, as I said on Thursday, the biggest argument against that you hear from people at the Bank is that our "flexible inflation targeting" regime already gives you everything you might have wanted from a nominal GDP regime.

BBC: A new target for the Bank of England?

Precisely what "flexible inflation targeting" can and should mean is, of course, the great subject of the moment among UK monetary policy nerds (and plenty of economic journalists) as we eagerly await the arrival of the new UK bank governor.

BBC: Davos 2013: A 'sigh of relief' at the World Economic Forum

"The flexible inflation-targeting framework should remain broadly in place, " he said.

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