What we've learned from experience is that the best contribution monetary policy can make to Canada's economic and financial welfare is to maintain low, stable, and predictable inflation. Since 1991, Canada's monetary policy framework has consisted of two main elements – an inflation target and a flexible exchange rate.
“Be thankful for what you have” might be the appropriate epitaph for the Great Recession – it could have been worse. This is followed by a discussion of the economic game plan that was laid out by the G-20 leaders at a meeting convened by President Obama in late 2009.