The Bank of Canada Act also makes it clear that if the Minister of Finance and Governor of the Bank of Canada ever have a difference of opinion on a monetary policy action, the Minister has the power, after consulting with the Governor and obtaining approval from the Governor in Council, to direct the Bank through a written directive tabled in Parliament.
This has to be borne in mind when considering last year’s growth figure of 3.6%, which was one of the highest both in the euro area and within the group of the major advanced economies. Even so, the strong rebound in 2010 came as a surprise to many observers.