In the current context, coming out of such a severe hit to jobs and economic activity, the Bank must keep its eye on the ball. Fortunately, there are many other policies that are well suited to deal with sector-specific issues. All of this together highlights the challenges of policy coordination and the importance of central bank independence.
The Bank of Canada, along with other central banks, is deploying an array of monetary policy tools to support the economy and financial system in response to the pandemic. The Bank has been clear that our efforts, including quantitative easing, are in support of our monetary policy objective—and ultimately the economic and financial well-being of Canadians.