Ms. Kennedy served as a Deputy Governor of the Bank of Canada from October 1994 until December 2008. As a member of the Bank’s Governing Council, she shared responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank.
Prior to joining the Bank of Canada, Ms. Kennedy held various executive positions at the Department of Finance.
Born in Kingston, Ontario, Ms. Kennedy graduated with a bachelor’s degree from the University of Waterloo in 1976. She also received a master’s degree in public administration from Harvard University and studied finance and financial markets at the London School of Economics.
For many Canadians, one of the most important investments they'll make is the purchase of a house. And for you as financial market professionals, the links between the housing market and financial markets have important consequences.
Transparency is the cornerstone of a well-functioning financial system. It's an issue that has been getting a lot of attention, and deservedly so, as we consider what has gone wrong in the market for asset-backed commercial paper.
The main goal of monetary policy is to help the country achieve strong, sustainable economic performance, and, in doing so, to contribute to rising living standards for Canadians. Experience has shown that the best way for a central bank to meet this goal, given the instruments at its disposal, is by keeping inflation low and stable. Low and stable inflation increases confidence in the future value of money, and allows for clear price signals.
The past five years have indeed been a period of great and relatively rapid economic change, both here in Saskatchewan and across the country. In my remarks today, I'd like to describe this change and discuss its significance to our economic well-being.
The constant economic change that we've been experiencing makes it critical for the central bank to stand on a firm foundation as it works to enhance the country's economic strength. The Bank of Canada's monetary policy framework is such a foundation.