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The European Union, which currently consists of 15 states, occupies an important place among the advanced economies. The final stage of the European economic and monetary union (EMU) is scheduled to begin in January 1999 with the adoption of a common currency called the "euro." A decision on which countries will participate in the euro area in 1999 will be made next spring based in part on the achievement of the economic criteria laid out in the Maastricht Treaty. In this article, the authors, after a brief discussion of the historical background, cast some light on the institutional aspects of the EMU, on the formulation and implementation of economic policy, as well as on the internal and external effects of EMU completion. For Canada, the direct implications of the shift to the euro appear to be relatively modest, at least in the short run.

Conference held on November 3 and 4, 2022.

Senior Deputy Governor Carolyn A. Wilkins discusses three areas in which work remains to be done to improve financial stability.

The Bank of Canada is a Crown corporation that is owned by the federal government, but we are separate from the political process.

The effectiveness of Canada’s inflation-targeting regime, adopted in 1991, is well established, and partly responsible for the strength and relative stability of the Canadian economy, Governor Mark Carney of the Bank of Canada said today. “Over the past twenty years, Canadians have enjoyed a more stable and prosperous economic environment. Even during the recent crisis, […]

To uphold public confidence in the transparency and integrity of its work on behalf of Canadians, the Bank adheres to these principles for Governing Council’s external communications.

This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.

The Government of Canada and the Bank of Canada agreed that the inflation target will continue to be defined in terms of the 12-month rate of change in the total CPI, that it will continue to be the 2 per cent mid-point of the 1 to 3 per cent inflation-control range, and that the agreement will run for another five-year period, ending 31 December 2021.

The Bank of Canada's 2005 conference focused on two critical issues: price-level targets versus inflation targets, and the appropriate level of inflation. Session topics included new methodological approaches to examining the validity of the New Keynesian Phillips curve for Canada; the monetary policy implications of border effects and the financial-accelerator model; the zero lower bound on nominal interest rates; and inflation and welfare in general-equilibrium macroeconomic models. A panel of invited speakers discussed the issues of each session, and two distinguished speakers gave their perspectives on inflation.

This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.