This has happened, as in many other countries, mainly because of a major liberalisation of the financial markets, a huge increase in the volume of transactions in the money and capital markets, and an opening-up of the country for international participation, not only in respect of trade, but also for the inward and the outward movement of capital across international borders.
A second communications benefit of fixed dates is the increased emphasis they bring to the economic situation in Canada as the primary focus of Canadian monetary policy. We believed this would lead to increased commentary on Canadian economic circumstances and their implications for monetary policy during the period leading up to a fixed announcement date.