2019–21 Medium-Term Plan: Leading in the New Era

The Bank’s medium-term plan (MTP) helps bring our vision to life by building on the foundation and achievements of our previous plan. It lays out our corporate objectives for the next three years and includes an environmental scan that takes into account the world in which we operate. Read more about our activities and achievements in the Annual Report.

Building on our accomplishments

Our vision is clear: to be a leading central bank—dynamic, engaged and trusted—committed to a better Canada. It guides our path through a rapidly changing and turbulent world.

We can say with confidence that we are no longer striving to be a leading central bank—we have arrived. In 2018, we were named Central Bank of the Year, reflecting our excellence in policy, research and operations. We also continue to be one of Canada’s Top 100 employers.

Our 2019–21 medium-term plan (MTP) sets a course for continued leadership and achievement over the next three years.

We have maintained the three themes set out in our 2016–18 plan: reinventing central banking, renewing ways of doing business, and reinforcing a culture of innovation. Many of the major initiatives started in that plan will be completed in this new one.

While we will build on our accomplishments, our new plan is no less ambitious, with strategic priorities aligned to reflect the changing environment we face. As always, our challenge lies in striking the right balance between opportunity and risk, innovation and resilience, and openness and security.

I am proud to lead the best employees in the world into this exciting era of change and opportunity.

Stephen S. Poloz

Governor

Focused on success

The 2019–21 medium-term plan (MTP) reflects important strategic choices made in a complex and capacity-challenging environment. It provides a clear and focused roadmap to guide our efforts over the next three years.

As we move forward, some major elements will be central to our work over the medium term, cutting across all MTP themes.

Rigorous and leading-edge research and analysis will continue to be the foundation for our decisions in all policy areas. Our researchers will strengthen relationships within a wide range of academic expertise to strengthen our research methods and economic models and explore alternative approaches and paradigms. This is even more important in a world that is changing rapidly: new and complex issues require sound research and engagement with external partners.

Digitalization is just one area where the Bank will focus its research efforts, using new techniques and data sources. We will enhance our understanding of the implications of digitalization for the economy and the transmission of monetary policy. We will advance our work on how technology is transforming financial services, with an emphasis on crypto assets, central bank digital currencies, and applications of artificial intelligence and machine learning. We will also explore how new technologies could help us improve our own operations by partnering with universities and the private sector to experiment with and develop solutions. And, we will engage with public officials and the private sector at home and around the world to exchange expertise and share best practices.

We will be a leader in resilience. Our efforts will be focused on three areas: enhancing resilience by completing large programs, sustaining resilience through evergreening our infrastructure and tools, and ensuring the resilience of Canada’s financial system through work to mitigate cyber risks.

The tremendous strength of the Bank is its people. That’s how we’re going to deliver on this ambitious agenda. We have already made major strides in how we work together—embracing manageable risks, strengthening innovation and collaboration, and placing a sharper focus on leadership and diversity—and we will continue to evolve in these areas.

I look forward to the great things we will accomplish together.

Carolyn A. Wilkins

Senior Deputy Governor