There is no doubt in my mind that inflation targeting is the right monetary policy framework for Canada. Through our symmetric approach of keeping inflation low, stable, and predictable, we have laid the groundwork for solid, sustainable growth in output and employment.
Do we really have to make a choice – between a functioning global competitive environment on the one hand, and the regional principle on the other? Over the next few minutes, I will outline a number of proposals which I think can better align the supervisory rules with the low-risk operations of small credit institutions in the future while nonetheless adhering to international standards.