Our objective has never been to contain inflation as an end in itself, but rather as a precondition for the highest possible long-run growth of output and income -- the ultimate goal of macroeconomic policy. BIS Review 70/1997  -9-  In considering possible adjustments of policy to achieve that goal, the issue of lags in the effects of monetary policy is crucial.
* * * Thank you all for being here for the opening of A Noteworthy Woman, our temporary exhibition about the imagery on Canada’s new $ bank note. The process to choose the first Canadian woman to be featured on a regular bank note was exciting, and it inspired many. We received more than 26,000 submissions.