economy over medium term. but we are not there yet. the resurgence in covid - 19 cases weighs heavily on the near - term economic outlook. and this underlines the ongoing need for extraordinary fiscal and monetary policies. governing council spent a good bit of time discussing the amount of monetary stimulus the economy needs. in view of the near - term weakness and the protracted nature of the recovery, we concluded that the exceptional degree of monetary stimulus currently in place remains appropriate. we agreed that if the economy turns out to be substantially weaker than we are projecting — leading to more disinflationary pressures — then we have options to add even more stimulus. and we are prepared to use these options as needed. we also agreed that it is too early to consider slowing the pace of our purchases of government of canada bonds. however, if the economy and inflation play out broadly in line or stronger than we projected, then the amount of quantitative easing ( qe ) stimulus needed will diminish over time. in view of these conclusions, the governing council reiterated our commitment to hold the policy interest rate at its effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. in the projection we released today, that does not happen until into 2023. to reinforce this commitment and keep borrowing costs low for consumers and businesses, governing council decided to maintain our program of government bond purchases at the current pace of at least $ 4 billion per week. we will continue the qe program until the recovery is well underway. and as we gain confidence in the strength of the recovery, the pace of net purchases of government of canada bonds will be adjusted as required. we remain committed to providing the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation objective. let me stop there, and turn to you for questions. 2 / 2 bis central bankers'speeches

. today, the country is ruled by law. persons in charge of enterprises, in particular, members of the board and top management of share - holding enterprises shall go through legal procedures and then hold relevant posts. first and foremost, the principle of party ’ s supervision over cadres shall be reflected in proper choice by the party of representatives of state - owned equity. we shall recommend to the board as representatives of state - owned equity those honest and clean party members that have a grasp of the business and those professionals that will carry out in a loyal way the responsibility of representatives of state - owned assets. through their work, we shall implement the party ’ s general and specific policies. second, within financial enterprises, the party organization shall strengthen cultivation and training of party members. they will in turn become persons with high ideals and moral integrity, proficient in professional work and conscientious in carrying out general and specific policies of the party. through the party - wide education to maintain the progressiveness of party members, we shall render party members in financial enterprises to have adequate competitiveness in professional work and charismatic character. by expanding admission of party membership, we shall attract those outstanding talents into the party that accept party constitution so that candidates recommended by the party organization will be accepted by internal departments and staff of the enterprises in election of members of the board and appointment of top management. third, we shall reinforce the party ’ s work of united front within financial enterprises. we shall carry out well publicity to the masses of enterprises, in particular, outstanding personage of democratic parties or without party affiliation, and educate them to conscientiously implement the policies of the government at their posts. we shall bring into full play the supervisory roles of non - party democrats on the work of the party organization as well as enterprises. “ recommendation by the party organization and acceptance by the public ” is a practice for which we have strove as a target for the personnel system since its reform. in other words, it is a system of competing for posts. as such, we can recommend truly outstanding talents to hold relevant posts. and only by doing so can we get over the long - standing bad habits of courting promotion through personal relationships and eradicate corruption in the personnel system. 3. we shall strengthen the reform of the system of hiring financial practitioners, in a bid to ensure that financial enterprises are governed by qualified board and that qualified talents provide financial services to the public. an enterprise is a social entity that weaves various