Thank you, Mr. Chair.
I have some questions about the relationship between the Minister of Finance and the Governor of the Bank of Canada.
The Bank of Canada Act stipulates that “[t]he Minister [of Finance] and the Governor [of the Bank of Canada] shall consult regularly on monetary policy and on its relation to general economic policy.”
If I understand correctly, you usually meet with the Minister of Finance on a weekly basis. You can tell me whether that was the case this fall, once I've finished asking my question.
In the event that the Bank of Canada and the government did not agree on the monetary policy to be followed, the Minister of Finance could give the governor a written directive that the bank would have to comply with. The directive would have to be published, and shortly after it was given, the government would have to lay the directive before Parliament. Thus far, the practice has never been used.
Can you please confirm, first, whether I'm right about that and, second, whether you meet weekly with the Minister of Finance?