shorter - term stabilization objectives that help address cyclical issues affecting the economy. in other words, objectives that smooth the business cycle. these need to be clear and measurable, so that the public can plan accordingly and the central bank can be held accountable. a case in point : the clarity and simplicity of our inflation - targeting mandate has underpinned its success. second, the framework needs to support the well - being of canadians — what i like to call the greater good. this requires looking at more than how well a 7 r. rajan, “ why we should exit ultra - low rates : a guest post by raghuram rajan, ” new york times, freakonomics blog ( august 25, 2010 ) ; t. adrian and h. s. shin, “ money, liquidity, and monetary policy, ” federal reserve bank of new york staff report no. 360 ( january 2009 ) ; c. borio and h. zhu, “ capital regulation, risk - taking and monetary policy : a missing link in the transmission mechanism? ” bank for international settlements working paper no. 268 ( december 2008 ) ; c. a. wilkins, “ ( s ) low for long and financial stability ” ( official monetary and financial institutions forum city lecture, london, united kingdom, september 14, 2016 ). 8 a coalition of more than 60 canadian economists signed a letter in may urging finance minister bill morneau to expand the bank ’ s mandate to take goals such as “ full employment ” explicitly into account. in the united states, leading scholars and policy - makers including christina romer, david romer, lawrence summers, ben bernanke, john williams and lael brainard have urged the us federal reserve to consider price - level or nominal gross domestic product targeting. - 5monetary policy framework performs in terms of aggregate or “ macro ” outcomes, although this is still central to success. different monetary policy frameworks can have different implications for other factors that matter to welfare such as financial stability, as well as the distribution of income and wealth. to be clear, i am not saying that the goals of monetary policy should be to target these factors, or that it is easy to measure them. rather, i am suggesting that we consider them as best we can in the design of the framework. third, the framework should serve canadians well in both good times and bad. this requires a set of bedrock objectives that apply in all circumstances. 9 the framework needs an effective

mark carney : summary of the latest monetary policy report opening statement by mr mark carney, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, 20 july 2011. * * * good morning. tiff and i are pleased to be here with you today to discuss the july monetary policy report, which the bank published this morning. the global economic expansion is proceeding broadly as projected in april, with modest growth in major advanced economies and robust expansions in emerging economies. growth in the u. s. economy has been slower than expected. it continues to be restrained by the consolidation of household balance sheets and slow growth in employment. while growth in core europe has been stronger than expected, necessary fiscal austerity measures in a number of countries will restrain growth over the projection horizon. in japan, the economy has begun to recover from the disasters that struck on 11 march, but the level of economic activity will remain below previous expectations. in contrast, growth in emerging - market economies, particularly china, remains very strong. as a consequence, commodity prices are expected to remain at elevated levels, following recent declines. these high prices, combined with persistent excess demand in major emerging - market economies, are contributing to broader global inflationary pressures. widespread concerns over sovereign debt have increased risk aversion and volatility in financial markets. the bank ’ s projection assumes that authorities are able to contain the ongoing european sovereign debt crisis, although there are clear risks around this outcome. in canada, the economic expansion is proceeding largely as projected, although the expected rotation of demand is somewhat slower than had been anticipated. household spending remains solid and business investment robust. net exports remain weak, reflecting modest u. s. demand and ongoing competitiveness challenges, particularly the persistent strength of the canadian dollar. despite increased global risk aversion, financial conditions in canada remain very stimulative and private credit growth is strong. following an anticipated slowdown in growth during the second quarter due to temporary supply chain disruptions and the impact of higher energy prices on consumption, the bank expects growth in canada to re - accelerate in the second half of 2011. over the projection horizon, business investment is expected to remain strong, household spending to grow more in line with disposable income, and net exports to become more supportive of growth. relative to the april projection, growth in household spending is now projected to be slightly firmer, reflecting higher household income, and net exports