Not only have we reduced the debt-to-GDP ratio, but we have paid down almost $ billion of federal debt. This has led to the restoration of Canada's Triple-A credit rating and has freed up about $ billion of resources every year for the federal government.
The main point is that while the initial work of fiscal consolidation is certainly difficult, it is necessary in order to enjoy the dividends later on. The fourth principle: low and stable inflation The fourth principle relates to monetary policy - the responsibility of the Bank of Canada.