In its work, the Bank will engage with academics and other central banks, as well as a wide range of private sector stakeholders and interested Canadians. We need to keep it simple: focus on clear objectives that monetary policy can actually achieve, and assess how it affects people. This is more ambitious than it sounds.
We will need to improve our methods to account for considerations such as distributional effects and financial stability. We also must ensure that the right supporting policy tools and measures are available in extraordinary circumstances. As we work to strengthen our monetary policy framework, we are counting on people keenly interested in public policy—perhaps some of you—to contribute to our work.