Stage 3 – the policy recommendations of staff – typically occurs on Friday, two days after the major briefing. A senior member of the Canadian Economic Analysis Department or the International Department is asked to summarize and update the material that has been presented in Stages 1 and 2, and to provide a recommendation regarding any policy action that should be taken.
The overview and recommendation serve as the starting point for an extensive discussion by the entire Monetary Policy Review Committee. Tactical and communications issues, as well as various policy options, are then reviewed, based on a note prepared by the Financial Markets Department.