as new data are published and new information comes to light, differences of opinion tend to become less pronounced. whatever shape the deliberations take, i can assure you that everyone around the table is always very conscious of the weight of these decisions. i fully felt this weight myself in june 2023 when i participated in my second round of monetary policy deliberations. in the year before my arrival, the bank had decisively and forcefully raised the interest rate from 0. 25 % to 4. 5 % to combat the spike in inflation. at the beginning of 2023, the bank indicated it would pause to evaluate the effects of the increases on the economy and inflation. but data released between april and june 2023 showed that the economy had been more robust than expected in the first quarter of the year and that inflation had even increased slightly. given the situation, we reached the conclusion that we had to again raise the interest rate. but at the end of our friday afternoon meeting, the governor said, " let's take the weekend and sleep on this decision and come back on monday with clearer heads to discuss again. " 5 / 7 bis - central bankers'speeches over the course of that weekend, i came to fully feel the weight of the responsibility that came with my new role. i'd had countless discussions about monetary policy with colleagues and students over the course of my career as an academic. but as deputy governor, i found the discussions were no longer abstract or theoretical. i came to understand that i was one of six people whose decision would directly impact borrowing costs for millions of people like you and for businesses like yours. believe me when i say that the realization made my head spin a little ; it was really quite humbling. communicating the decision one thing that may surprise you - as it did me - is that governing council's work does not end once the decision is made. communicating the reasons that led to the decision is almost as important as the decision itself. the members of governing council work closely with the bank's communications team to develop key messages and draft the press release and opening statement for the press conference. if only you knew how much time we spend trying to find the best ways to convey our message and looking for just the right words - in both official languages. with time, i've come to understand that this is not always an easy task. for example, at the july decision, we said downside risks to inflation were becoming increasingly important in our del

range of stakeholders, it makes monetary policy decisions independently. this protects the bank from short - term political objectives and pressures from special - interest groups. the independence of a central bank is even more important when difficult decisions must be made, as has been the case in recent years. the next step in the decision - making process is the risk and recommendations meeting, which takes place about a week before the announcement date. advisors and staff from economics departments share their points of view and debate the implications of raising, maintaining or lowering the policy rate. this culminates in a round - table discussion where each person puts forward a recommendation and its rationale. as you can imagine, we are never short on opinions. while governing council is ultimately responsible for making the decision, the decision is really the product of an enormous team effort. once the members of governing council have heard from the advisors and studied their analyses and recommendations, they meet in private to evaluate everything they've learned and come to a decision. now, i'll shed a bit of light on how that works. deliberating the decision before i talk about the deliberation process, i have to let you in on a little secret. at the bank's head office, behind a massive wooden door, there is a room i like to call the chamber of secrets. it's formally known as the rasminsky room, after louis rasminsky, the bank's third governor. all discussions and decisions about the policy rate take place in this room. it's a secure room where the blinds are always drawn, and access is controlled. from inside this room, no communication with the outside world is allowed, and the use of electronic devices is strictly regulated. when we say " private " deliberations, we really mean it! the bank takes security very seriously - and with good reason. a leak could have serious consequences. many stakeholders - financial market participants, in particular - are very eager to get news of the decision. returning to the topic of our deliberations, once all the members of governing council are in the room, the governor opens the meeting. the governor acts as chair and shepherds the discussions. each member is given the opportunity to present their views on economic developments in canada and abroad, and on the outlook for growth and inflation. another tidbit from behind the curtain : in governing council discussions, the deputy governors speak in reverse order of seniority, with newer members speaking first. this