The global surge in inflation has damaged the credibility of central banks. Read more.
. Much of this inflation was the result of higher global prices for energy, food and other goods caused by pervasive supply disruptions linked both to the pandemic and to Russia’s invasion of Ukraine. The rest is the legacy of overly stimulative fiscal and monetary policies enacted in Canada and elsewhere early in the pandemic to reduce the risk of economic depression.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
Next month, the Bank of Canada will take two distinct steps to strengthen its governance and enhance the transparency of its policies. While not directly tied to Canada’s recent inflation experience, the timing of these reforms is opportune. They should increase the effectiveness of monetary policy in what may be a highly volatile period for the Canadian economy.the Bank’s governing council, the body primarily responsible for monetary policy.
Second, for the first time the Bank will publish a summary of the governing council’s deliberations two weeks after its January rate decision. It won’t release formal minutes, as the U.S. Federal Reserve Board does, or a transcript of discussions. Nor, since the governing council’s monetary policy decisions are normally made by consensus, will the opinions of individual members be disclosed.
of the Bank’s communications last year, will provide at least some insight into the deliberations that led to the Bank’s decision.
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