Given its effectiveness, the renewals of the inflation-targeting agreement every five years have generally gone smoothly, but I can assure you they are not automatic. Because we are committed to having the best monetary policy framework for Canadians, we use the term of each agreement to conduct an intensive research and consultation program to critically examine aspects of the policy.
For example, leading up to the 2016 renewal we investigated three questions: 1. Is 2 per cent still the appropriate target for inflation? 2. How do we incorporate financial stability considerations into the formulation of monetary policy? 3. How should core inflation be used and measured?