It’s important to note that our framework is set out in an agreement established with the government and renewed every five years. This sends an important signal that the democratically elected government and the Bank agree on our policy goal. And it gives the Bank the operational independence to pursue that goal.
This enhances our credibility and gives Canadians more confidence that we will achieve the inflation target. We now have an established track record of success with inflation targeting, which reinforces its effectiveness. As I said, the inflation target is really a beacon to guide our policy.