Monetary policy in Canada has one objective – achieving and maintaining a low, stable and predictable level of inflation. This objective was formalized in 1991 in an inflation-control agreement between the federal government and the Bank.
It identifies a specific target for the rate of  1  This presentation updates and extends T. Macklem, “Information and Analysis for Monetary Policy: Coming to a Decision,” Bank of Canada Review (Summer 2002):11–18.