March 21, 2005
        
        
        
            The invitation is timely, given that the Bank of Canada's inflation-targeting  agreement with the Canadian government is up for renewal next year. At the Bank,  we are always reflecting on our framework, deciding what works well and what we  can improve. Against that backdrop, we have watched with interest the debate  taking place here in the United States - inside and outside the Federal  Reserve - about whether that institution should join the ranks of  inflation-targeting central banks.