In the area of financial-system infrastructure, parallel to our work on the oversight of major payments systems and the provision of liquidity in Canada, we have been studying these issues from a global perspective as members of various committees at the Bank for International Settlements. And we have been contributing to the development of standards for the sound operation of such systems.
In order to maintain the real wages and income of households, it is important for the underlying trend in inflation to be reflected in wage increases, notwithstanding the recent seeming decline in the rate of change in inflation. In the baseline scenario, wage increases that are consistent with the trend inflation are expected.