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.
8  For a fuller description, see Daniel K. Tarullo (2014), “Liquidity Regulation,” remarks delivered at the Clearing House 2014 Annual Conference, New York, New York, November 20. 9  See 80 Fed. Reg. 49082 (August 14, 2015) (GSIB risk-based capital surcharge final rule); and www.federalreserve.gov/newsevents/press/bcreg/bcreg20151030a1.pdf (long-term debt proposal). BIS central bankers’ speeches  5  collateral to other market participants.