It seems hard to absolve the Bank of Canada from responsibility. I would cut it some slack. As I said, I would cut the federal government some slack, because at the beginning of the pandemic, it wasn't clear how much liquidity was going to be enough. Under the circumstances, erring on the side of providing more was understandable.
What we are clearly seeing now is that we are supporting desired spending in the economy, with nominal GDP up 12% year over year. This is far in excess what the economy can actually produce in terms of goods and services. It's up 3% in real terms year over year. The difference between the 12% and 3% is a 9% increase in the level of prices, when you measure it across the entire economy.
The Bank of Canada has to take some responsibility for that. We've recently seen that inflation is well ahead of what it projected in its last monetary policy report. The logic to that suggests that it should also be ready to tighten policy by more than it has been suggesting.