are better equipped to address breaks and shifts. this work is underway and already providing new insights. we have invested in new sources of data to get a more granular picture of supply and demand across sectors and households. this includes a new digital business leaders'pulse survey focused on small and medium - sized businesses, broader analysis of labour market indicators, and the capacity to analyze very large datasets such as anonymized canadian mortgage data. we have also developed more detailed indicators of supply chain bottlenecks, and we are continuing to evaluate new data sources. 2 we are also adapting our economic models so they have the flexibility to accommodate economic shifts. during the pandemic shock and recovery, the main drivers of growth and inflation shifted - but our models generally reflected past economic relationships. we're working to develop the next generation of models for monetary policy that allow for more changes in behaviour and provide greater flexibility to consider alternative risk scenarios. 3 finally, we're committed to constantly strengthening our decision - making process and improving our communications. we want diverse perspectives. we want to listen more, reach out more and connect with more canadians. many of these changes are well advanced. earlier this year, we adjusted governing council by bringing in an external, non - executive deputy governor for a term of two years. we did this because we want to bring more diverse perspectives into our policy - making. 4 this year we also began publishing a summary of deliberations to provide more insight into governing council's monetary policy decisions. 5 we have also been providing more plain language summaries and short video clips on social media to explain our decisions and the outlook for the economy. 6 and governing council is visiting communities across our vast country to listen to canadians and explain the work of the bank. you'll see more of this in 2024. beginning in 2024, we'll also hold a news conference after every policy decision. we want households, businesses and communities to understand the actions we are taking and why. taking questions at every decision is part of my commitment to explain our actions. conclusion it's time for me to conclude. we have come a long way in 2023, and by the time i give my year - end speech next year, i expect the economy will be growing, business hiring plans will be expanding, and inflation will be getting close to the 2 % target. of course, predicting the future is difficult. it could be harder than we think to get inflation

tiff macklem : central banking - navigating in a new world remarks by mr tiff macklem, governor of the bank of canada, at the 30th conference of montreal " international economic forum of the americas ", montreal, quebec, 12 june 2024. * * * good afternoon. it's always great to be back in montreal, my hometown. and i could not be more pleased to be here with joachim nagel, president of the deutsche bundesbank. thank you for visiting us in canada. since i'm on my home turf, let me start us off with a few words about where we find ourselves in economic history. key lessons from high inflation canada and germany have just come through the biggest inflation we've experienced in 40 years. and as painful as this has been, it has highlighted some lessons. i will focus on three in the canadian context. first, we ignore the supply - side of the economy at our peril. as central banks, we tend to focus on the demand side because that's what we influence with interest rates. but coming out of the pandemic, we learned that it is much easier to restore demand than supply. high inflation was a stark reminder that supply shocks can cumulate and persistand when they intersect with periods of strong demand, the inflationary consequences can be large. looking ahead, technological change, geopolitical tensions, climate change, and shifting trade and investment flows all suggest we may experience more supply shocks than we did in the past. businesses and central banks need to be ready. second, inflation is painful - that's not a new lesson, but for many of our citizens it was their first experience with high inflation. and it has been painful. inflation harms people and the economy, and it corrodes trust in our market - based system. the rising cost of living made life harder for everyone, especially those who had less to start with. people were working hard, but their paycheques didn't buy what they used to. that made people feel cheated and angry. recent history has been a stark reminder that inflation is our common enemy. the third lesson is the value of central bank credibility and public trust. we did not have that in the 1970s, and the costs of unwinding inflation were very high. this time, our track record on inflation control combined with our forceful monetary response brought inflation back down at much lower economic cost. but public trust and central bank credibility