We can expect the emergence of new products, new processes, new structures and new industries – in short, a resurgence of the creation side of the creative-destruction process we attribute to Joseph Schumpeter. It may be slow in coming, but it will emerge, and it will serve as a driving force of economic growth.
The Bank is absolutely committed to keeping inflation predictable, stable and on target. This is sacrosanct. Our flexible inflation-targeting framework is the best contribution monetary policy can make so that Canadian households and businesses can make decisions about their financial future with confidence. In short, this is what we can do to help nurture a return to natural economic growth in Canada.