Back then, it would have been easy to proclaim the mission accomplished. Lowering inflation was no longer a high priority for governments, or for employees 1/5  BIS central bankers' speeches  —particularly unionized workers—who could protect themselves with cost-of-living adjustments built into contracts. It was about this time that I first came to work at the Bank of Canada.
We knew that settling for 4 to 5 per cent inflation was not good enough. Canadians would still have their purchasing power eroded, just not as quickly. At an inflation rate of 5 per cent, prices still double in 15 years—which means that prices would more than double over someone’s retirement horizon.