Looking in particular at the monetary policy reaction to the crisis, the size of the cumulated interest rate reductions, especially since the coordinated interest-rate cut on 8 October 2008 with five other major central banks (Bank of Canada, Bank of England, the Federal Reserve, Sveriges Riksbank and Swiss National Bank) has been exceptional and has left the policy rates of most central banks at historically low levels.
*  *  *  Accountability and transparency in Canada’s monetary policy Public sector institutions have been undergoing significant changes over the past decade. One of the most important changes has been the move to greater accountability. Public institutions are now required to be more open and to provide more information about their operations.