Over the past twenty years, Canadians have enjoyed a more stable and prosperous economic environment. Even during the recent crisis, the Canadian economy proved more resilient and recovered faster than our advanced-economy peers. The strength and relative stability of our economy have been due, in part, to Canada’s inflation-targeting regime, which was first adopted in 1991. Earlier this month, the Government of Canada and the Bank of Canada jointly announced the renewal of the target for five more years—re-affirming its important role in enhancing the well-being of Canadians.
In my remarks today, I will discuss what went into this decision, while addressing three important issues that the crisis brought into sharp relief. I will conclude by providing a brief summary of how we apply this framework to today’s circumstances.
The effectiveness of Canada’s inflation-targeting regime is well established. Since i
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