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This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 12, 2025.

Senior Deputy Governor Carolyn A. Wilkins discusses what the economy will need once we’re past the COVID-19 crisis.

This issue of the Financial System Review focuses on the impact of COVID 19. The pandemic presents an unprecedented shock to the Canadian economy. This report identifies the effects on the Canadian financial system and explains how recent actions by the Bank and other policy-makers are helping to manage them. It further describes how a resilient financial system can help households and businesses smooth the effects of the COVID-19 shock and prepare for a robust recovery.

The global economic outlook has been clouded by a high degree of uncertainty, accentuated most recently by the war in Iraq.

At the time of the October Monetary Policy Report, the Bank projected that core inflation would rise in the fourth quarter of 2002, reflecting a combination of one-off factors - including the rise in insurance premiums - and the “echo effect” from developments towards the end of 2001.

Governor Stephen S. Poloz talks about the Bank of Canada’s response to the COVID-19 pandemic.

A nation's productivity is the prime determinant of its real incomes and standard of living, as well as being a major determinant of its potential output. In the short run, deviations of actual output from potential output are a useful indicator of inflationary pressures. This article is a short summary of the proceedings of the workshop, which focus on productivity and potential output growth among industrialized countries. The research is organized under three main themes: estimating potential growth; productivity and growth; and institutions, policies, and growth.

The Canadian economy continues to adjust to developments in the global economy.

Governor Stephen S. Poloz discusses how long-term global economic forces will drive the Bank of Canada’s work agenda in 2020 and beyond.

Results from the spring Business Outlook Survey suggest that business sentiment continues to improve. Firms reported less uncertainty related to the COVID-19 pandemic and strengthening demand from weak levels. Still, the recovery remains uneven, with firms tied to high-contact services facing ongoing challenges.