The Policy Targets Agreement (PTA) between the Minister of Finance and the Governor set explicit goals for monetary policy to pursue.16 An agreement between a single decision maker and the government provided sufficient flexibility to make the appropriate revisions to the inflation target as we adjusted from high to low inflation.
Over time, there have been several revisions to the inflation target, settling in recent times on a band of 1 – 3 percent with a focus on the 2 percent midpoint.17  12 Federal Reserve to review strategies, tools, and communication practices it uses to pursue its  mandate of maximum employment and price stability, Press Release, 15 November 2018, (https://www.federalreserve.gov/newsevents/pressreleases/monetary20181115a.htm) 13  Wilkins, C., A., Choosing the Best Monetary Policy Framework for Canada, Speech, 20 November 2018 https://www.bankofcanada.ca/2018/11/choosing-best-monetary-policy-framework-canada/ 14  https://www.bankofcanada.ca/toward-2021-reviewing-the-monetary-policy-framework/  15 Lagarde, C., The Financial Sector: Redefining a Broader Sense of Purpose, 32nd World Traders'  Tacitus Lecture, London, United Kingdom, February 28, 2019 16 PTA’s were renegotiated between the Minister and Governor each time the latter was appointed or reappointed, although there is precedence to revisit the terms of the agreement during a change of government as well.