It has been renewed three times— most recently for five years until the end of 2006. Today, both the Bank of Canada and the European Central Bank are working to strengthen the economies in their jurisdictions. We both want to promote stable growth and rising living standards. And, importantly, we agree that promoting low and stable inflation is the best means to those ends.
Such high surpluses in relation to GDP result in imbalances, particularly where a single currency is concerned. Given the major challenge posed by populism, how can the ECB be brought closer to the citizens? This is one of my priorities. Bringing the ECB closer to the people requires dialogue and explanations.