2013 proved to be a challenging yea

2013 proved to be a challenging year for the Bank of Canada. Inflation
continued to drift below target, and the economy failed to move onto a more
sustainable track. It was also a year of transition. Governor Carney departed
to become Governor of the Bank of England, which meant recruiting, briefing
and adapting to a new Governor. Four of our independent Board members
retired or left the Board and were replaced. And more than 1,300 staff had to
move out of our Ottawa headquarters to allow for a major three-year renovation.
Although these stresses tested the mettle of the organization, the Bank’s
staff and Board of Directors once again rose to the occasion. If nothing else,
2013 will stand as a testament to the Bank’s commitment to excellence.
Our goal to be second to none among central banks is more than mere
words—it means that the Bank’s staff work as an effective team to advance
the economic and financial welfare of Canadians. Indeed, largely because of
this collegial and supportive work environment, the Bank has been chosen
as one of Canada’s Top 100 Employers for the past four years.
Monetary policy is by far the highest-profile function that the Bank carries
out. In this respect, 2013 began on a fairly optimistic note. Most of the postcrisis
repairs had been done, the ingredients for more self-sustaining growth
were coming together and it seemed likely that market interest rates would
begin to rise toward more normal levels reasonably soon