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This work will follow, and in doing so, the Bank of Canada has decided to open the curtains even further. On August 26, Wilkins will host a second term renewal workshop, including a half-time report on ‘horse racing,’ which may provide the biggest clue yet as to whether policymakers are ready to consider an overhaul – or even lower – the inflation target.
In another important embrace of transparency, Tiff Macklem, the governor, has determined that neither parliamentary committees nor news outlets can be trusted to hold him accountable, so he will ask the public to do so.
Macklem announced on August 24 that the central bank would solicit comments from Canadians through an online poll titled Let’s Talk Inflation, which will allow experts and non-experts to share their thoughts on issues related to potential new approaches, such as the nominal crude targeting. domestic product instead of the consumer price index, and whether the objective of monetary policy should be maximum employment rather than price stability.
“The bank is committed to being accountable and transparent in everything we do,” Macklem said in a press release.
This is the latest evidence that central bankers have come to realize that they can no longer take it for granted that the public sees them as positively as they see themselves.
The U.S. Federal Reserve prevented a global depression ten years ago and became a political target in the process, as some Americans backed down at the sight of unelected officials wielding so much power, while others viewed the Fed as a simple Wall Street tool. .