The Bank of Canada adopted targets for the growth of the narrow monetary aggregate M1, and the federal government established an AntiInflation Program in the autumn of 1975, which was in force until 1978.
Although the controls aspect of this program was aimed at facilitating the transition to lower inflation, the fiscal and monetary policies under the macroeconomic aspect of this program were insufficiently restrictive to achieve permanently lower inflation. Overall, through 1982, M1 monetary targeting was not as effective in bringing down inflation as had been anticipated.