Government, regulators, and the Bank of Canada responded positively to that report by acting to promote efficiency, and the private sector took advantage of new opportunities, leading to great benefits for the Canadian economy. Today, a similar effort is needed. While Canada's macroeconomic policies are second to none in supporting efficiency, our structural policies need work.
The current level is judged, at this time, to be consistent with achieving the inflation target over the medium term. The Bank will continue to pay close attention to the evolution of risks, as well as to economic and financial developments in the Canadian and global economies. BIS Review 101/2006  1