Yet, to succeed, business leaders in this sector still need to deal with the vagaries of Mother Nature and global commodity prices. Decisions must still be taken and followed through on. It is surprisingly similar for the Bank of Canada’s Governing Council.
We have some finely honed economic models to guide us, yet we must take decisions about the policy interest rate amid many unknowns to meet our inflation objective. We also must follow through by communicating with Canadians and with financial markets about our outlook for the economy and inflation.