Thank you very much for the question.
This point about transparency and openness and open communication is extremely important. Part of what I mentioned in my remarks was the importance of expectations in driving monetary policy.
We had an earlier conversation about expectations grouping around 2%. I think experience has shown that it doesn't just matter that inflation is 2%. The conduct of monetary policy doesn't just matter; it's how you get there and how well people understand how you get there. And the way you encourage that is through dialogue such as this and other outreach efforts. So transparency is a huge element of that. It's been a hallmark of the Bank of Canada.
We need to continue to look at ways to further enhance that and to further improve our communication. We need to further improve—and we do look at—our regular publications, including our Monetary Policy Report perhaps. I will give you some examples of things that one could look at, including looking back at previous decisions and what the expectations were and, more explicitly, saying what the bank's expectations were, and how things turned out and why things were different. There's an accountability element there.
The other element some banks have looked at—and it's more difficult to do this in a consensus-driven organization, but still possible—is the publication of minutes following decisions. So with a lag, the publication of minutes gives a better sense of the range of possible outcomes and the range of considerations that were given to a decision. The Reserve Bank of Australia, for example, last week just announced they will do that as well.
An extreme version of this is the publication of an interest rate forecast. I don't think that fully makes sense, but it's something that one looks at in a fuller review of the inflation-targeting framework.
A last point, if I may, would be to put in a little plug for a website, www.inflationtargeting.ca. I know you all have it in your bookmarks. That is the website of our research program that I alluded to at the start. We want to use that as a forum for open discussion or wiki-type discussions and serious research, but also practical discussion of the next framework we would be discussing for four years' time.
Thank you.