Our expenditures are funded through our own operations rather than an appropriation from the government. And our budget is approved by our Board of Directors. The Bank’s employees are subject to policies set by the Bank and approved by the Board, not by federal public service agencies. And finally, the Governor and I both serve fixed, seven-year terms.
This provides a measure of continuity over economic cycles—not electoral cycles—and allows for decision making that considers the long-term economic interests of Canadians. Taken together, these measures mean that the Bank has the necessary room to act independently, to take a long-term view and to make the decisions it judges best meet the economic interests of Canadians.