However, it should be recognised that international monetary policy coordination such as exchange rate targeting or the coordination of the “global policy-mix” could jeopardise the goal of price stability and endanger the credibility of monetary policy. It could also risk decreasing accountability and reducing transparency. This would clearly be very undesirable.
Financial markets were resilient despite sharp adjustments in a wide range of global asset prices in the wake of the vote, and financial conditions are generally more accommodative. Now let me turn to the Canadian economy. Our discussions focused on how we should look through the choppiness in recent data to see the underlying trends, and what these trends mean for the inflation outlook.