The Globe and Mail reports in its Thursday edition that Bank of Canada Governor Stephen Poloz wants to reinvent central banking. The Globe's David Parkinson writes that Mr. Poloz is challenging the sanctity of the bank's 2-per-cent inflation target. The supposed magic bullet of monetary policy over the past quarter-century -- inflation targeting -- failed to protect the global economy from a major crisis, and has not been able to cure the world's ills since. Inflation targeting has worked better than just about anything before it in promoting stability and prosperity, says Mr. Parkinson. While Mr. Poloz has talked about the need to consider factors beyond inflation targets when setting monetary policy, the fact is that inflation targeting has worked precisely because it narrowed policy down to a single, achievable goal. Prior to inflation targeting, central bankers' attempts to target such things as money supply and exchange rates proved disappointing, if not disastrous. Mr. Poloz is signalling that the BOC is gearing up for a serious airing of the merits of the inflation targeting regime. Mr. Poloz rightly says the bar should be high for making any change to the inflation target.