Sharon Kozicki: Economic progress report - more transparency in uncertain times

Remarks by Ms Sharon Kozicki, Deputy Governor of the Bank of Canada, at the Urban Development Institute of Quebec, Montreal, Quebec, 8 December 2022. 

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
12 December 2022


Good afternoon. Thank you for inviting me to join you for this discussion.

It's always a pleasure to visit Montréal. Delivering an update on the state of the economy from one of our country's most significant economic engines seems fitting. And the fact that we're doing so today at the Urban Development Institute of Quebec (UDI) seems particularly appropriate - especially when we consider how much the UDI contributes to this thriving city.

I'm here today to deliver an economic progress report.

Together with other initiatives that have been introduced over the years to increase the amount of information and analysis we provide Canadians - especially around our interest rate decisions -speeches like today's help clarify what the Bank of Canada does.

I'll begin where we often do with these economic progress reports - by going over yesterday's rate decision and how we came to it.

After that I'll provide an update on what's been happening in the economy since October's Monetary Policy Report, including trends that we're keeping an eye on.

Finally, in the spirit of openness that this speech represents, I want to review some of the things the Bank does to be accountable to Canadians - the people we serve. This includes a new transparency initiative that we'll be introducing this January.