Mr. Speaker, the Bank of Canada has had just one inflation target since 1991.
It is the second bank in the history of the world, after New Zealand, to have such a specific target. In 1991, the Bank of Canada wrote that its only monetary policy goal was to maintain inflation between 1% and 3%, ideally aiming for 2%.
That is the only goal of the Bank of Canada. I hope that the bank will continue the good work it has been doing since 1991. I also hope that the government will respect the fact that the Bank of Canada is responsible for combatting inflation.
This obviously does not mean that the government should spend as it pleases. This means that the government must keep close tabs on its spending.
The Bank of Canada has a role to play, and I hope that it will do so.