Mr. Chair, I would put it this way: Government spending, in a sense abetted by loose monetary loose policy, is worsening inflation. When government spending is monetized, when the Bank of Canada buys up all of that government debt and then pumps it back out into the economy into the financial sector, that monetizing of government spending absolutely is worsening inflation. There's a kind of symbiotic relationship between them that goes back to the financial crisis where, for better or worse, that wall between finance and the central bank broke down, as they coordinated in trying to fend off the crisis. However, that symbiosis has remained, unfortunately, Mr. Chair.
On March 21st, 2022. See this statement in context.