26  T. Lane, “Monetary Policy and Financial Stability – Looking for the Right Tools” (speech to the HEC Montréal, Montréal, Quebec, 8 February 2016). 8  BIS central bankers’ speeches  Conclusion Let me conclude. The Bank of Canada’s mandate is to promote the economic and financial welfare of Canada.
Those who established the Bank of Canada in the wake of the Great Depression clearly understood that the two goals of financial andeconomic stability must go hand-in-hand. One is a necessary condition for the other. But the experience of history tells us that economic stability, supported by the appropriate monetary policy to achieve low and stable inflation, is not sufficient for financial stability.