Kozicki: Canada’s approach to monetary policy amid supply-related trade-offs on a global scale

Opening Remarks on Monetary Policy in Oslo

I appreciate the warm welcome and am honored to join you in Oslo to explore approaches to monetary policy. The Bank of Canada operates under a framework established in partnership with the federal government, which is reviewed and updated every five years. With the next review scheduled for later this year, it is especially timely to engage in this discussion about central bank mandates.

Our policy framework is designed to maintain inflation at a low and steady rate for Canadians. Specifically, we aim for a 2% inflation rate, positioned at the center of a 1% to 3% target range. The primary goal is to guide inflation back to this target over time, ensuring economic stability.