The Financial Post reports in its Wednesday, June 24, edition that the end of 2015 will mark two full decades since the Bank of Canada adopted a 2-per-cent target for annual increases in the consumer price index (CPI). The Post's guest columnist, C.D. Howe president William Robson, writes that 2-per-cent CPI inflation has been the kind of success most people do not want to mess with. Some economists, however, have recently argued that inflation is too low. They argue interest rates cannot go below zero. So if inflation, and nominal yields and spending growth, are very low, inability to make borrowing costs even lower may deprive the BOC of its power to stimulate. Mr. Robson disagrees. He says monetary policy is not only about interest rates. While the BOC has targets for its short-term borrowing and lending rates, it makes those targets effective with quantitative tools: varying the liquidity it provides to interbank clearing and settlement systems. The BOC can provide unlimited liquidity. That ability brings with it the power to boost the money supply and lower the exchange rate. Mr. Robson warns against accepting opinions from abroad to undo a signal Canadian success of the past 20 years.