Throughout the 1980s, we at the Bank worked to come up with such an approach. By 1991, we had decided that targeting inflation was the best way to achieve high, sustainable growth in output and employment. And so the Bank and the Government of Canada agreed on a series of explicit targets for inflation.
To be clear, however, inflation targeting is not an end in itself. Rather, as I said, it is the best means of fulfilling our commitment to promote the economic and financial welfare of Canadians.