Furthermore, although the precise shape of monetary policy has always been influenced by the respective institutional and historical context – consider the varying “mandates” of the central banks – the various forms that the crisis took in different parts of the world reinforced this correspondence between the specific institutional and financial contexts and the monetary policies pursued in them.
Tiff and I are pleased to appear today to discuss the Bank of Canada’s analyses of the economic outlook and the stability of the financial system. We look forward to your questions and the discussion that follows. The Bank’s most recent comprehensive assessment of the economy was presented in its April Monetary Policy Report (MPR).