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Canadian Finance Minister Chrystia Freeland said Wednesday she will present a fiscal update soon and called inflation a global phenomenon that can't be fixed by a further shift to austerity, after presenting legislation to wind up major Covid-19 relief checks by May.
"The inflationary environment we are seeing in Canada today is very much being experienced around the world," Freeland said in response to a question from MNI about potentially scaling back future fiscal stimulus. "Those are not made-in-Canada factors, and so it follows logically that looking for a made-in-Canada answer when those are the drivers is to be looking for the wrong tools."
Freeland earlier said she would present a fiscal update this fall and had recently discussed inflation with Christine Lagarde and Janet Yellen. Canada needs to focus on medium-term consolidation of its finances, a Moody's senior analyst has told MNI. (Canada Needs Focus On Fiscal Slimdown)
The Bank of Canada's agreement with the government to keep inflation at 2% is due for renewal by yearend, and Freeland said "the Bank has led a really rigorous process" and she's glad other economists have shared divergent views.