Let’s Talk Inflation – Bank of Canada [Video]

Why we consulted with Canadians

Former Senior Deputy Governor Carolyn Wilkins explains why it’s important for the Bank to hear from Canadians.

Every five years, the Bank of Canada and the federal government agree on the Bank’s approach to monetary policy. Each time the agreement is renewed, we look at how we might improve our approach. The 2021 review had three priorities:

• compare our inflation-control targeting approach to potential alternatives
• ensure we have the right tools to do the job
• assess how our approach works with fiscal and financial stability policies

As we reviewed our inflation targeting approach against other possible options, we consulted broadly with a variety of stakeholder groups and the general public to gather input. These public consultations provided us with an opportunity to take stock and ensure our policies and decisions reflect the views of the people we serve.