Breaking down inter-provincial trade barriers and reforming tax and regulatory systems will keep the country's economy humming into the future, the Bank of Canada's second-in-command says.
The bank's monetary policy tool kit can only take the economy so far, senior deputy governor Carolyn Wilkins said in Toronto on Wednesday during a speech that outlined the need for economic innovation and investments from a range of actors.
Wilkins said policies like these could "restore some lost manoeuvrability for monetary policy" and keep the global economy on a more even keel if other countries could pursue a similar agenda. An online consultation will launch in the spring, with reports later this year on what the bank hears from its international counterparts, domestic experts, as well as labour and civil groups.
Last month, the central bank held its trend-setting interest rate at 1.75 per cent, but hinted a rate cut could be in order in April if the economic outlook sours.
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