Deputy Governor, Bank Of Canada
Search every verified Sharon Kozicki interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Sharon Kozicki, Deputy Governor of the Bank of Canada, has continued to emphasize the importance of direct engagement with Canadians to inform monetary policy decisions. In a July 2025 speech before the C.D. Howe Institute, she stated that when Governing Council is better informed, it makes better decisions for Canadians. She noted that as the bank navigates uncertainty, she and her colleagues will continue reaching out to those they serve. In earlier remarks, Kozicki described the bank's use of quantitative easing (QE) during the pandemic as a tool with a "very high bar" that would not be used before exhausting the overnight interest rate, adding that the current balance sheet is estimated to be about the right size after the quantitative tightening cycle. Kozicki has also highlighted the value of non-traditional data and direct conversations to supplement traditional economic statistics. During a visit to Ottawa in late 2024, she said that while data is about the past, talking to people provides a better sense of how things are changing and what the future might look like. She has discussed the bank's role in explaining inflation and monetary policy to the public, stating that the bank has one tool—the policy interest rate—and that it is challenging to stimulate demand while reducing price pressures caused by supply-side shocks such as tariffs. Kozicki has also noted that interest rates alone cannot solve Canada's shortage of entry-level affordable housing.
“As we navigate this uncertainty, my colleagues and I will continue reaching out to those we serve.”
“When Governing Council is better informed, we make better decisions for you and for all your fellow Canadians.”
“The trade conflict initiated by the United States remains the biggest headwind facing the Canadian economy; uncertainty remains high, the Canadian economy is softer but not sharply weaker, and we've seen some firmness in recent inflation data.”
“Traditional macroeconomic data paint a high-level picture but don't necessarily provide a clear sight line to the trees; they look backward and measure what has already happened, so we use non-traditional data and surveys to gain a more complete view of how raising or lowering the policy rate affects consumers and busi...”
“When people have trust in the bank as an institution, it creates an environment that supports the effective transmission of monetary policy because when Canadians expect that we will follow through on our commitments, it greases the wheels for our actions to have their intended effects.”
“During the COVID-19 pandemic, backward-looking statistics did not reflect the rapidly deteriorating situation, so the Bank turned to more frequently published data such as restaurant reservations, flight bookings, and credit card transactions to assess consumers' real-time spending patterns.”
“The Bank's regional offices conduct key macroeconomic surveys such as the Business Outlook Survey, Business Leaders Pulse, and the Canadian Survey of Consumer Expectations, which help inform our outlooks for the economy and inflation and provide early indications of how the economy is reacting during times of great unc...”
“Firms have reported that uncertainty about tariffs has been affecting them in multiple ways, including weaker demand from their business customers directly affected by tariffs, and many expect activity to weaken in the near term, which puts jobs at risk.”
“The Bank of Canada has one tool, the policy interest rate, and it is challenging to stimulate demand while simultaneously trying to reduce price pressures caused by supply-side shocks such as tariffs, which raise costs and make Canadian firms less competitive.”
“Quantitative easing is still a tool available to the Bank of Canada but with a very high bar; it would not be used before exhausting the overnight interest rate, and the current balance sheet is estimated to be about the right size after the recent quantitative tightening cycle.”
“We learned from microdata during the pandemic that price changes were more frequent rather than larger when they occurred, which helps us better interpret inflation dynamics and improve our models.”
“Currently, with unemployment at 6.9%, we are in a position of excess supply in the economy; if economic weakness materializes, the output gap may widen, but it remains difficult to provide a precise estimate given the uncertainty around trade policies.”
“The Bank of Canada is responsible for arranging the printing of cash, ensuring it's not easily copied or counterfeited.”
“Monetary policy is about trying to keep inflation low, stable, and predictable around 2%.”
“There's only one thing that we can move and that's this one interest rate.”
ICYMI: In her speech before the @CDHoweInstitute, Deputy Governor Kozicki spoke about why hearing directly from Canadians ...
On June 5, 2025, Deputy Governor Sharon Kozicki speaks before the C.D. Howe Institute. / Le 5 juin 2025, la sous-gouverneure ...
Bank of Canada Deputy Governor Sharon Kozicki joins Jenna & Tosh to discuss explaining inflation, understanding what we can ...
La sous-gouverneure Sharon Kozicki se rend dans sa ville natale, la #VilleOttawa. Sa visite a donné lieu à des échanges ...
Deputy Governor Sharon Kozicki steps into her hometown, #OttCity. Her visit included some insightful conversations with local ...
On June 13, 2024, Deputy Governor Sharon Kozicki speaks before the Canadian Association for Business Economics. / Le 13 juin ...
On September 19, 2023, Deputy Governor Sharon Kozicki speaks at the University of Regina. / Le 19 septembre 2023, ...
Sharon Kozicki, deputy governor of the Bank of Canada, delivers an address at the University of Regina. The topic of her speech ...
Deputy Governor Sharon Kozicki takes questions from reporters after delivering an update on the economy.
... council on this decision was first and foremost probably inflation is staying high and inflation expectations are continuing to stay ...
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