The annual rate of inflation, according to the most recent available data, of 0.8%, measured on this harmonised basis, is consistent with the definition of price stability. It should also be emphasised once again that the monetary policy is a single one and therefore  1  BIS Review 26/1999  indivisible – by definition.
We can see the broad forces of low interest rates, rising debt and technological change working in combination to stress households, companies and governments. The impact of these forces will keep the Bank of Canada busy in 2020 and beyond. The precise way these forces will unfold is highly uncertain.