The road travelled has been a difficult one, and the challenges we still face are many. But I have every confidence that we will overcome them. The ECB’s actions over the last decade should leave no doubt about our commitment to the euro and to our mandate in all circumstances.
And they underline the need for the Bank to be vigilant and ready to act in a timely fashion to safeguard Canada’s low trend of inflation. For let us make no mistake: a resurgence of inflation would undermine our chances of a durable economic expansion. Of course, the challenge for monetary policy is to assess carefully just when action is needed.