We undertook an evaluation of the alternatives to flexible inflation targeting—a horse race between what we have and what others have tried or have urged us to try. We also consulted with Canadians to hear about their experiences with inflation and the economy, and to learn about their aspirations for Canada’s monetary policy.
We also signed an Agreement with the BIS for the management of a euro portfolio in addition to our existing US dollar and Pound Sterling portfolios. 22. As far back as 2007, when we were faced with significant Foreign Direct Investment inflows, I had mooted the idea of setting up a Sovereign Wealth Fund (SWF).