2  For a more detailed review of these attributes, see P. Jenkins, "Canada's Financial Sector: Responses to the Global Crisis" (presentation to the Colombian Banking Association, Cartagena, Colombia, 10 July 2009). 3  See "Renewal of the Inflation Control Target, Background Information" (Ottawa: Bank of Canada, November 2006).
4  In the price-level-target approach to inflation control, bygones are not bygones, unlike the current policy. Under price-level targeting, if inflation has been below trend, causing the price level to fall below target, monetary policy would need to generate above-trend inflation for a while to return the price level to target.