Opening statementDavid DodgeHouse of Commons Finance Committee
Last week, we released our spring Monetary Policy Report, in which we discuss economic and financial trends in the context of Canada's inflation-control strategy. I last testified before this committee in October, following the release of our autumn Monetary Policy Report.
Since our October 2002 Monetary Policy Report, both core and total CPI inflation have been well above the 2 per cent inflation target. In this environment, inflation expectations have edged up.
The Board of Directors of the Bank of Canada today announced that, pursuant to Section 6 of the Bank of Canada Act, Paul Jenkins has been appointed Senior Deputy Governor of the Bank for a seven-year term.
In its Debt Management Strategy 2003/04, the government announced that the auction time for treasury bills would be moved to 10:30 a.m., on a trial basis, starting 22 April 2003.
It has not been an easy year. All of you have been running companies and making decisions under very uncertain conditions. You have had to deal with corporate and accounting issues. Markets have been volatile. And geopolitical events have shaken confidence.
In December 2002, officials from the Department of Finance and the Bank of Canada consulted with market participants on a number of issues related to domestic debt programs. Comments received were taken into consideration in the development of the debt strategy for 2003/04.
The best way to promote sustained economic growth is to stick to an economic policy framework that has proven its worth, Bank of Canada Governor David Dodge said today.