Experience has shown that the best way monetary policy can achieve this goal is by maintaining a low and stable inflation environment. Doing so supports a strong and inclusive labour market that provides every Canadian with opportunities for a good quality of life. Currently, the reopening of the global economy is associated with elevated inflation in Canada and abroad.
There will be just 263 banks in Minnesota in 2024, a 23 percent decline from 341 currently, assuming that consolidation over the next 10 years continues the trend seen over the past 30. Or we could assume a slower rate of consolidation, like the 14 percent decline from 1995 to 2005. That would put the number at 293 community banks 10 years from now.