In his speech, Macklem highlighted the need to learn from the pandemic, stating, 'We need to use the pandemic experience to prepare for future crises.' This urges the central bank to undertake comprehensive evaluations of past actions and their impacts on financial stability.
Macklem cautioned about public trust in economic systems, noting, 'All of a sudden, people couldn't afford the things they need. And while inflation is low once again, many prices are still a lot higher than they were before the pandemic.' This underscores the lasting effects of inflation beyond statistical recovery.
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