Senator Gignac: Thank you, Senator Gold. Your answer is reassuring, and I agree with you on the independence of the Bank of Canada with respect to political pressure. That said, we find ourselves in the context of a minority government that has the support of the New Democratic Party. Can you assure us that the Bank of Canada will continue to be independent over the next two years and that it will not be subject to constraints related to the context of this coalition?

Hon. Marc Gold (Government Representative in the Senate): Thank you for your question. The Bank of Canada has an independent monetary policy that best suits the country’s economic situation. The bank’s mandate is to monitor and ensure the stability of the rate of inflation in the interest of all Canadians.

The bank has started to bring the inflation rate back within the target range and has the necessary tools and expertise to prevent inflation from becoming entrenched. The government believes that a sound monetary policy framework is the best weapon in its arsenal to protect Canadians against inflation.

Honourable senator, Canada has the lowest debt-to-GDP ratio in the G7, and the government has a plan to make life more affordable by providing direct support to the Canadians who are the most vulnerable to inflation and who need it most. As the Minister of Finance recently stated, and I quote, “Canada is a country of peace, order and good government.”

This institutional stability includes the independence of the Bank of Canada, which the government remains firmly committed to supporting. The independence of the Bank of Canada is essential, and we can have confidence in Governor Macklem’s leadership.