Those, of course, are exactly the questions that keep central bankers awake at night, so I won't deny this. Most of the history of technological improvements—or, if you like, the effects of globalization or supply-chaining—on the inflation process has been to reduce inflation below what its trend line had been. This is what we call positive disinflation. It means that people are getting things for less money.
It would be odd for a central bank to try to boost inflation in other parts of the economy to try to average it out to be exactly 2%. It's the kind of thing we would normally see through precisely for that reason, and because it's unforeseeable, as you say. It's quite similar to an exchange rate effect on inflation, which is transitory one way or the other. We would see through it.
Our greater concern—and this is how the risks become balanced—is that we are now in a place where we're operating more or less at capacity. We believe there's extra capacity, but it has to occur for it to be relevant. If there isn't, it means that we'll be into the excess demand space, and inflation fundamentally will begin to pick up. We would see that in the labour market first. This is why we watch each of these things as we go along.
We're in that zone where those risks are truly two-sided, up or down on inflation, so of course we worry about both sides, but given our history—where we've been for the last number of years—we're much more preoccupied with the downside risks.