Bloomberg News

Lawmakers to Review Need to Broaden Bank of Canada Mandate

October 20, 2011

(Updates with motion details in third paragraph.)

Oct. 20 (Bloomberg) -- Canadian lawmakers voted to study whether the Bank of Canada’s monetary policy mandate should be broadened to include other targets such as full employment.

The House of Commons Finance Committee voted today to hold at least one meeting before the end of November on the matter. The current Bank of Canada mandate, which calls for the central bank to target 2 percent annual inflation, expires at the end of the year.

The committee will “hear from witnesses on whether or not the government of Canada and the Bank of Canada should consider other targets such as, but not limited to, nominal GDP or full employment,” according to the motion that passed today.

The motion also says Bank of Canada Governor Mark Carney is scheduled to speak in front of the committee on Nov. 1.

--Editors: Paul Badertscher, Carlos Torres

To contact the reporter on this story: Theophilos Argitis in Ottawa at

To contact the editors responsible for this story: Christopher Wellisz at

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