I also reviewed the drivers of the recent rise in inflation globally and in Canada. I know this is directly relevant to your study, so I have given my remarks to the Clerk to share with committee members. I look forward to further exploring these issues with you today. Before moving to your questions, I’d like to talk to you—and Canadians—about three things.
First, I’d like to review the Bank of Canada’s actions over the course of the pandemic: what we were trying to achieve, what happened and what would have happened if we hadn’t acted. Second, I want to speak to the concerns many Canadians have about the rising cost of living.