The Bank of Canada turned 75 on Thursday, and Mark Carney, its governor, said the central bank had learned from its mistakes over three quarters of a century.
"Gerald Bouey famously recognised that ‘we did not abandon M1, M1 abandoned us,' before initiating the search for a new monetary anchor," Carney said, referring to the failure of monetarism as acknowledged by Bouey, the fourth governor of the central bank, who led it between 1973 and 1987. "More recently, the Bank has been determined not t
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