The Bank of Canada today launched an online public consultation to gather Canadians’ views on the Bank’s approach to monetary policy. The “Let’s Talk Inflation” campaign is part of an effort to reach out to all Canadians before the Bank renews its agreement with the federal government on the monetary policy framework in 2021.
The survey seeks feedback on a range of topics, from their perceptions of inflation to their views on other approaches that central banks can use to support price stability and a strong economy. The survey takes approximately 10 minutes to complete and will run until October 1, 2020.
Civil society, labour and industry organizations are also invited to send in more detailed submissions for consideration by the Bank’s Governing Council.
“The Bank is committed to accountability and transparency in everything we do. The actions we take and how well we do our work affects the lives of each and every Canadian. Good planning starts with good listening – and we want to hear from you,” said Bank of Canada Governor Tiff Macklem. “I hope you take this opportunity to let us know how changes in the economy are being felt in your life and in your communities. Tell us what matters to you.”
The Bank has targeted inflation for nearly three decades and currently adjusts its key interest rate up or down in order to achieve an annual inflation rate of 2 percent. This approach has succeeded in keeping inflation low and stable, giving Canadians confidence when making important financial decisions. Every five years, the Bank and the federal government renew their agreement on the monetary policy framework. Ahead of each renewal, the Bank looks at how it might improve its approach.
In advance of the 2021 agreement, the Bank is conducting a side-by-side comparison of different frameworks, ensuring it has the right tools at its disposal, and assessing how monetary, fiscal and financial stability policies work together.
The input from the public, along with focus group research and consultations held with diverse groups representing consumers, labour, businesses, Indigenous communities, civil society and academia, will inform the Bank’s thinking on the best monetary policy framework for 2022 and beyond. The Bank will publish a report summarizing what it has heard in the coming months.
How to participate
- Fill out the survey before October 1, 2020.
- Share the survey with your friends and family. Use the share button to post the link on social media or to send it by email.
- Join the #LetsTalkInflation conversation on social media. Follow the Bank of Canada on Twitter and LinkedIn, and like the Bank of Canada Museum’s Facebook page.
- Learn more:
- Under the Microscope and Price Check: Inflation in Canada on The Economy Plain and Simple
- Choosing the Best Monetary Policy Framework for Canada. Speech by Senior Deputy Governor Carolyn A. Wilkins.
- Explainers: Understanding inflation targeting, and Understanding Inflation
- Joint Statement of the Government of Canada and the Bank of Canada on the Renewal of the Inflation-Control Target (2016)