Earlier this week, to accompany the release of their Monetary Policy Report, the Bank of Canada released a sixty-second clip over social media to explain their assessment of the state of the Canadian economy in plain language. And it was great.
No time to read our Monetary Policy Report? That’s OK. Here’s our latest assessment of the Canadian #economy in 60 seconds. https://t.co/e1ulCf48LW pic.twitter.com/TfDtcc5EfB
— Bank of Canada (@bankofcanada) October 27, 2021
This kind of communication is essential, especially now, for the Bank because of the level of noise and misinformation that is being promulgated, particularly by certain members of Parliament who have made it their mission to politicise the work of the Bank, as they spout facile talking points about the current state of inflation that have zero bearing on the actual causes. And if it’s not Pierre Poilievre, my reply column is full of chuckleheads who think they know better, and inflation truthers (which are the gods damned worst). So yes, this kind of clear, simple-to-digest communication is especially needed by the Bank, much like the Cases in Brief have become an essential form of communication from the Supreme Court of Canada. This is a great initiative from the Bank, and hopefully we’ll see more like it in the future.
On a related note, former Bank of Canada governor David Dodge says that the current governor is on the right track with the economic recovery and where inflation is going, so if you needed an additional vote of confidence that they know what they’re doing, there you have it.