For the past quarter century, the Bank of Canada has had the responsibility of using monetary policy to achieve low, stable and predictable inflation, a BIS central bankers’ speeches  1  goal cemented in our 2 per cent inflation target. This is our primary mission, which guides our setting of the policy interest rate.
While a failure to maintain financial stability would ultimately impair our ability to achieve the inflation target, it is generally understood that we should aim to get inflation sustainably back to target within about two years.