Why we consulted with Canadians
Every five years, the Bank of Canada and the federal government agree on the Bank’s approach to monetary policy. Each time the agreement is renewed, we look at how we might improve our approach. The current review has three priorities:
- compare our current approach to potential alternatives
- ensure we have the right tools to do the job
- assess how our approach works with fiscal and financial stability policies
As we reviewed our current approach against other possible options, we consulted broadly with a variety of stakeholder groups and the general public to gather input. These public consultations provided us with an opportunity to take stock, gather input and ensure our policies and decisions reflect the views of the people we serve.
What we heard
This report summarizes what we heard during all the public engagement activities we undertook for this renewal. This includes input gathered from:
What happens next
This report has been provided to our senior decision-makers. They will consider this input, alongside the research our economists have been doing, to put together a recommendation for the Minister of Finance about the Bank’s monetary policy approach for the next five years.
The final agreement on the framework option will be announced by the end of 2021.
Even more ways to learn
You’re invited to visit our website regularly for the latest information on inflation and monetary policy:
- Subscribe to our blog, The Economy, Plain and Simple.
- Browse our educational resources, including plain language explainers.
- Access summaries of speeches from our Governing Council to hear what they have to say.
- Read about how we’re choosing the best monetary policy framework.
- Visit Toward 2021, where we outline our research in the effectiveness of the monetary policy and the experience of other central banks.