Inflation targeting was established in Canada in 1991 under an agreement with the federal government, which we renew every five years. We are currently working toward the next renewal, which takes place later this year. This process gives us an opportunity to re-examine our mandate and consider other ways of doing things.
In the  4  BIS Review 120/2007  case of refinancings, the bill provides that the loan must provide a "net tangible benefit" to the borrower. As I have discussed, the Board supports the goal of ensuring that consumers do not receive unaffordable and abusive loans.