How is responsibility for monetary policy set forth in Canada?
A)The Canadian Government administers monetary policy through the office of the Minister of Finance.
B)The Prime Minister bears ultimate responsibility for monetary policy.
C)The Bank of Canada administers monetary policy as directed by the Minister of Finance.
D)The Bank of Canada Act places responsibility for the conduct of monetary policy on the Bank's Governing Council.
E)Both B and D

Question

Quizplus · Accepted Answer

The Bank of Canada Act places the responsibility for the conduct of monetary policy on the Bank's Governing Council. The Minister of Finance can provide direction to the Bank, but ultimately the bank is responsible for implementing the policy. The Prime Minister does not bear ultimate responsibility for monetary policy.

How Is Responsibility for Monetary Policy Set Forth in Canada