However, these reforms themselves may not be able to achieve the desired outcomes if the Government reneges on delivering the budgetary expectations. This expectation also takes into account the Government’s achievement of a balanced budget in the medium term and commitment to deliver priority areas identified in the Medium Term Development Strategy (MTDS). 4  BIS Review 37/2006
And momentum in inflation, 2 For a detailed account of how higher interest rates work to cool demand and bring inflation  down, see T. Macklem, “Monetary policy at work” (speech delivered to CFA Québec, Québec, Quebec, February 7, 2023). 3 Bank of Canada, “Canadian economy,” Monetary Policy Report (January 2023): 23–25.