OTTAWA—The Bank of Canada is not up to the challenges brought on by the world financial crisis, says a new report by the Canadian Centre for Policy Alternatives.
According to the report, the central bank’s new initiatives to deal with the crisis—such as a prolonged near-zero interest rate policy and so-called quantitative easing measures—have not been sufficient.
The report is also critical of the Bank’s approach of focusing solely on a target of 2% inflation, saying it is far too rigid and could hurt our economic progress particularly in the current volatile times.