Second, a procedure for identifying macroeconomic imbalances at an early stage was established, in which the European Commission regularly examines whether private sector debt or member states’ current account balances, for example, are a source of harmful imbalances.
Until last year, the Bank of Canada used as its core measure of inflation the CPI excluding food, energy, and the effect of changes in indirect taxes. Volatile food and energy prices tend to reverse themselves fairly quickly.