This should support economic efficiency by reducing the risks associated with long-term financial contracts. Providing added certainty about future prices would be of particular benefit to people living on fixed incomes. And as I mentioned earlier, price-level targeting might also help central banks avoid some of the difficulties associated with the "zero-bound" issue.
As you know, we are in Toronto to attend the funeral this afternoon of Canada’s former Finance Minister, Jim Flaherty. Before we discuss the Monetary Policy Report, I’d like to say a few words about him. What set Jim Flaherty apart was that while he was a formidable Finance Minister, he was first and foremost an ordinary man.