Maintaining the privilege of operational independence requires a record of successful policy outcomes and sound and prudent financial management. Therefore, financial arrangements and performance expectations are important components of overall central bank institutional design. These issues are even more important today.
There are several reasons why we hold these meetings outside Ottawa, but perhaps the most important is that it gives us the opportunity to meet with, and to listen to, business and labour leaders from various parts of the country. I certainly hope that we will have time for a good discussion following my remarks.