In Canada in the early 1970′s, the money supply expanded at very rapid rates, and the Bank of Canada continued to allow the money supply to increase rapidly even after inflation became very rapid, especially in 1974 and 1975. Critics of the Bank of Canada’s policies argued that such rapid expansion of the money supply would only worsen an already seriously inflationary situation.
By the fall of 1975, inflation was such a severe problem that reassessment of the Bank of Canada’s policies seemed necessary. In what was regarded as a landmark speech in September 1975, the Governor of the Bank of Canada, Gerald Bouey, said that, “Whatever else may need to be done to bring inflation under control, it is absolutely essential to keep the rate of monetary expansion within reasonable limits. Any program that did not include this policy would be doomed to failure. There is no way of preserving its value if money is created on an excessive scale.” In the view of some, the Bank of Canada had undergone a conversion to monetarism; at the least, the Bank had stated an intention to guard more watchfully against excessive increases in the money supply in the future, by keeping the growth of the money supply within publicly stated limits.
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