Public milestones in the evolution of the Bank’s views were three lectures by my predecessors: the 1966 Per Jacobsson Lecture by Louis Rasminsky on the objectives of monetary policy and the mechanisms through which it operates; the 1982 Per Jacobsson Lecture by Gerald Bouey, which highlighted the need for a “place to stand” or, in other words, for a “nominal anchor”; and the 1988 Hanson Lecture of John Crow, which singled out price stability as the objective of monetary policy in Canada.
It is true that the Government securities market took a long time to develop, despite being much simpler. The corporate debt market being much more complex, would require some extra effort to move ahead. In short, we have a long way to go but we have to make a determined effort.