If the Bank of Canada were required to gain approval for all changes in monetary policy from Parliament before implementing them, this would result in

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Requiring approval from Parliament for all changes in monetary policy would significantly increase the time lag in implementing policies. Parliament only convenes for a limited number of days in a year, so gaining approval for policy changes would slow the process down. This lag could result in delayed response to economic crises and reduced effectiveness of monetary policy.

If the Bank of Canada Were Required to Gain Approval