I will spend a few minutes on each of these, drawing on Canada's experience in recent years. Let me start with the one that relates most directly to the Bank of Canada's primary responsibility monetary policy. The OECD consensus holds that price stability is the appropriate goal for monetary policy over the medium term.
In Canada, we try to achieve this goal through an inflation-targeting framework. The Bank of Canada reached an agreement with the federal government and introduced this policy in 1991. Under that agreement, we aim to keep inflation, as measured by the consumer price index (CPI), at the 2 per cent midpoint of a 1 to 3 per cent target range over the medium term.