The joint nature of the agreement between the Government and the Bank of Canada reinforces both the democratic legitimacy of the framework and our operational independence to pursue the agreed-upon objectives. The framework also allows Canadians to hold us accountable. The current review has been our most wide-ranging to date.
After 30 years with an inflation target, it was time for a more systematic comparison of a range of alternatives. It was also time to listen to Canadians from coast to coast to coast. The review therefore encompassed two main elements.