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.
By grounding our actions in our framework, we will always be working toward bringing the economy near capacity with full employment. Policy and the pandemic A successful inflation-targeting monetary policy framework has a number of core ingredients. Clearly, we need to agree on a measure of inflation to target.