Governor Sir Mervyn King and his successor Mark Carney have agreed to the remit, he added.
Mark Carney also thinks there are limits to what central banks can do to restore growth.
Mark Carney confirmed this week that he was a good performer and a careful central banker.
Sir Mervyn will be replaced by the current governor of Canada's central bank, Mark Carney, in July.
So, as Mark Carney said in his speech, "bygones are not bygones": past failures affect future policy.
We've spent months debating the finer points of Mark Carney's monetary policy philosophy and the difference it might make.
His last Report will be in May, before he is replaced by Mark Carney as governor in the summer.
Sir Mervyn is to step down from the post of governor when his replacement Mark Carney takes over in July.
The backward-looking nature of this approach is also troubling, even to potential fans of the approach such as Mark Carney.
There are just too many practical obstacles standing in the way, including those flagged up by soon-to-be Governor Mark Carney.
Bank of Canada Governor Mark Carney zeroed in on this point in a speech last week in Charlottetown, Prince Edward Island.
It hopes that the arrival of Mark Carney as the Bank's new governor in July will breathe new life into the economy.
His designated successor, Mark Carney, said last week that the Report was "state of the art" when it first came out in 1993.
Among central banker types, Mark Carney (currently at the Bank of Canada) and Arminio Fraga (formerly president of Brazil's outfit) have stood out.
That might force the Bank of Canada to hike rates sooner rather than later, as Bank of Canada Governor Mark Carney has warned recently.
The future governor of the Bank of England (BoE), Mark Carney, has not ruled out changes to the way the bank runs monetary policy.
BBC: Future BoE chief Mark Carney sees 'merit' in policy debate
This summer, King is due to be replaced by Bank of Canada Gov. Mark Carney, who has indicated he backs a more flexible inflation target.
The Bank of England will have a new governor in the summer when Mark Carney, currently Canada's central bank governor, takes over from Sir Mervyn King.
BBC: UK inflation rate nudged up to 2.8% by rising fuel costs
Unlike Mark Carney, Sir Mervyn does not think that quantitative easing - creating money and using it to buy government bonds - itself is encountering diminishing returns.
And Bank of England Governor-elect Mark Carney has hinted he might support changing the bank's inflation target to a growth target, to the delight of the Treasury.
With all this in mind, the Bank of England's incoming Canadian governor, Mark Carney, has called for a debate about whether to change the Bank's job description.
The Bank of Canada has named long-term bureaucrat and economist Stephen Poloz as its new head, replacing Mark Carney who is going to run the Bank of England.
So the choice of the Canadian Mark Carney to be the next governor of the Bank of England marks the UK as unusually free from nationalist prejudices and hang-ups.
Here's how Lord Turner, at the same time as Mark Carney was musing about changing the inflation target, came out of the closet on turning government debt into cash.
Barely a week has passed since George Osborne was being cheered in the House of Commons for securing the appointment of Mark Carney as the next Bank of England governor.
Sir Mervyn, who will be succeeded in July by Mark Carney, said he had much sympathy with regulators trying to manage the banking system both before, and after, the financial crisis.
The government has signalled that it may be more relaxed about the Bank loosening its grip on inflation, thereby giving incoming governor Mark Carney more flexibility over measures he may introduce to boost growth.
When Mark Carney, the new governor of the Bank of England, takes over from Sir Mervyn King in July, he will face the difficult task of keeping inflation under control while also stimulating the faltering UK economy.
Bank of Canada head Mark Carney will succeed Mervyn King as governor July 1 in a surprise move for the Bank of England, at a time when the U.K. is facing difficult economic times.
FORBES: Bank Of England Looks Outside After Libor Scandal, Taps Canada's Carney
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