The Globe and Mail reports in its Friday, Dec. 15, edition that the Bank of Canada is keeping inflation at the 2-per-cent midpoint of an inflation-control target range of 1 to 3 per cent. The Globe's guest columnist John Ruffolo writes that the U.S. Federal Reserve continues to reaffirm a clear target of 2 per cent over the long term. The idea of a 2-per-cent target came about only in the 1990s. According to the BOC, "Because the 2-per-cent target was successful in delivering good overall economic performance, and because some questions remained about the net additional benefits from lowering it, the target was kept at 2 per cent through the 2001, 2006 and 2011 renewals of the inflation target agreement." The BOC added, "The bank has over the years examined carefully the case for both a lower and a higher inflation target." Mr. Ruffolo says the BOC should do such an examination again. The problem with a hard 2-per-cent inflation target is that it could cause central bankers to stick stubbornly to an arbitrary number, to continue to increase interest rates until they hit their target, regardless of the specific state of the economy. Using such a blunt instrument could lead to disastrous consequences.