We take informed actions to achieve our mandated goals for Canadians.
In a volatile climate, the Bank must be ready to take swift and decisive action in response to shifting circumstances. This drives us to get better at what we do, especially when it comes to honing the insights that guide our decisions. We will develop and use state-of-the-art models and analytical tools. At the same time, we will foster deeper and more nuanced conversations with individuals and businesses across the country. We are committed to equipping every area of the Bank with the best information, ensuring our actions deliver the outcomes Canadians expect from us.
Objectives
- Our monetary policy framework and tool kit enable us to consistently provide Canadians with price stability.
- We are a trusted source of analysis and advice for Canadian market participants and policy- makers on financial stability and systemic risk.
- Our decisions are informed by cutting-edge research and by the diverse views and experiences of Canadians.
Outputs
- Renewing Canada’s monetary policy framework to support a strong and resilient economy.
- Implementing state-of-the-art economic and financial system models that deliver rich insights.
- Adopting new policy-focused research processes that support the Bank’s price stability mandate.
- Evolving the Bank’s approach to managing risk in our conduct of monetary policy and communicating key risks and sensitivities to Canadians.
- Enhancing our regional outreach strategy to meaningfully engage with Canadians across the country.
- Developing a structured and rigorous approach to evaluating financial stability that supports a more holistic assessment of risks and vulnerabilities.
What success looks like
- Price stability: Our actions have helped bring inflation back to the 2% target and we have a renewed monetary policy framework with the Government of Canada.
- Inflation dynamics: Our upgraded economic models are producing more accurate forecasts and we have deepened our understanding of inflation dynamics.
- Communicating risk: We are leveraging our publications to communicate our assessments of risk in a clear and comprehensive manner.
- Outreach: Our engagements with Canadians across the country have yielded valuable insights that help guide our decisions.