The Bank shares this operational independence with many other central banks around the world and this is now well understood to be essential for effective macroeconomic management. But independence requires accountability if it is to be politically sustainable in a democracy and accountability, in turn, requires transparency.
Canadian authorities will need to remain as vigilant as they have been in the past to the possibility of financial imbalances developing in an environment of still-low interest rates and relative price stability. We continue to co-operate closely and monitor the financial situation of the household sector.