A revised remit for the BoE – or, in some form, for other inflation-targeting central banks – could take this requirement further, specifying a primary and long-term target for inflation from which policymakers can deviate if doing so is deemed necessary. In such cases, the central bank’s governor should be required to write an open letter explaining the bank’s decision, including how long it expects to give priority to the non-inflation objective and how it foresees returning to normal operations.