Learn why we consulted with Canadians on renewing our monetary policy framework in 2021—and find out what we heard and the final result.
Why we consulted with Canadians
Former Senior Deputy Governor Carolyn Wilkins explains why it’s important for the Bank to hear from 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 2021 review had three priorities:
- compare our inflation-control targeting 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 inflation targeting 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 and ensure our policies and decisions reflect the views of the people we serve.
What we heard
This report summarizes what we heard from our public engagements ahead of the 2021 renewal. This includes input gathered from:
- our online survey
- in-person and online focus groups
- discussions with industry, labour and civil society groups
- submissions from organizations and individuals
The final result
This report was provided to our senior decision-makers. They considered 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 was announced in December 2021.
Even more ways to learn
Visit our website 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.