Sharon Kozicki on economic uncertainty
From Deputy Governor Kozicki - Reaching out for a clearer view of the economy · · Bank of Canada - Banque du Canada
“As we navigate this uncertainty, my colleagues and I will continue reaching out to those we serve.”
On , Sharon Kozicki, Deputy Governor at Bank of Canada, spoke about economic uncertainty during Deputy Governor Kozicki - Reaching out for a clearer view of the economy on Bank of Canada - Banque du Canada.
About Sharon Kozicki
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.