These ideas might give a sense of direction towards which to steer the G20 in the long run, but they are not easily implementable in the near term. In the near term, the ability to deliver results, the credibility, and therefore the legitimacy, of the G20 could be strengthened by improving existing processes. I see here three important avenues.
And they underline the need for the Bank to be vigilant and ready to act in a timely fashion to safeguard Canada’s low trend of inflation. For let us make no mistake: a resurgence of inflation would undermine our chances of a durable economic expansion. Of course, the challenge for monetary policy is to assess carefully just when action is needed.