Mr. Thiessen discusses the challenges and prospects for the Canadian economy Remarks by the Governor of the Bank of Canada, Mr. Gordon Thiessen, to “La Chambre de commerce et d’industrie du Québec métropolitain”, Quebec City, Quebec on 19/6/97. Once a year, the Bank of Canada’s Board of Directors meets outside Ottawa, alternating among the provinces.
This creates additional risks to the central bank’s reputation and credibility: Changes in guidance could be perceived as a deviation from existing policies rather than a clarification of existing policies. To keep these risks to a minimum, we need to choose forward guidance practices carefully from the start, so that sizeable revisions do not become necessary later.