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uty governor and 4 deputy governors ? De fact responsible of the decision making of moary policy Main objective: To determine moary policy aimed at achieving and maintaining price stability. Decisions are influenced by market (and non market) participants 8 Other Central Banks ? European Central Bank ? . Federal Reserve System – Sets the reference in the world regarding moary policy ? Swiss National Bank ? Bank of England ? Bank of Japan ? Trend ? Greater independence of Central Banks ? better moary policy ? greater economic wellbeing It is supported by empirical evidence 9 Central Bank Independence and Macroeconomic Performance in 17 Countries 10 Conclusions ? The role of Bank of Canada is “to promote economic and financial wellbeing of Canada” ? This is mostly done through moary policy ? BofC is fairly independent * Greater independence of Central Banks ? better moary policy ? greater economic wellbeing