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The Monetary Policy Report is a quarterly report of the Bank of Canada’s Governing Council, presenting the Bank’s base-case projection for inflation and growth in the Canadian economy, and its assessment of risks.
Michelle Alexopoulos Michelle Alexopoulos was appointed external Deputy Governor of the Bank of Canada for a term of two years, effective March 2025. In this role, Dr. Alexopoulos is a member of the Bank’s Governing Council, which is the Bank’s policy-making body responsible for decisions with respect to monetary policy and financial system stability. Dr. Alexopoulos is a Professor of Economics at the University of Toronto with a cross appointment to the Faculty of Information. She holds a PhD in economics and is a qualified expert witness in the areas of technical change, macroeconomics and applied econometrics. Dr. Alexopoulos is currently an Executive of the Canadian Economics Association, co-chair of the Canadian Economics Diversity Committee, a member of the C.D. Howe Business Cycle Council, and a Canadian Productivity Partnership collaborator. She is also a Faculty Affiliate at the Schwartz Reisman Institute for Technology and Society, the Data Sciences Institute, and the School of Cities at the University of Toronto. She has recently completed her term as the President of the Canadian Economics Association and has been a Bank of Canada Fellow since 2019. Her research primarily focuses on business cycles, monetary policy, technical change, economic uncertainty, labor markets and productivity. Her research, supported by public and private grants, has been published in top tier economics journals, and has been presented at numerous Central Banks, international conferences, academic departments, industry think tanks, and the National Academy of Sciences. Dr. Alexopoulos was born in Toronto, Ontario. She completed an Honours Bachelor of Science degree from the University of Toronto specializing in economics and mathematics, and has a master’s and Ph.D. in economics from Northwestern University in Evanston, Illinois. Toni Gravelle Toni Gravelle was appointed Deputy Governor of the Bank of Canada, effective October 1, 2019. In this role, he oversees the Financial Markets Department (FMD) and the Banking and Payments Department, and is one of two Deputy Governors who oversee the Bank’s role in maintaining a stable and efficient financial system. As a member of the Bank’s Governing Council, he also shares responsibility for decisions about monetary policy and for setting the strategic direction of the Bank. Mr. Gravelle first joined the Bank in 1996 as an analyst in FMD and went on to hold increasingly senior positions. He became Deputy Managing Director of the Financial Stability Department in 2008 and held that position until 2013, when he was seconded to the Department of Finance Canada. He returned to the Bank in 2015 when he was appointed Managing Director of FMD. Along with his expertise in Canada’s financial sector, Mr. Gravelle brings international experience to the Bank. From 2002 to 2005, he was an economist at the International Monetary Fund (IMF), where he helped assess the stability of financial systems in France and Senegal and contributed to the IMF’s semi-annual Global Financial Stability Report. Mr. Gravelle is a native of Corbeil, Ontario, and holds a PhD in economics from Western University.Agenda
January 28, 2026 12:45Online English Briefing on the Monetary Policy Report
Bank of CanadaMichelle Alexopoulos
January 28, 2026 15:00Online French Briefing on the Monetary Policy Report
Bank of CanadaToni Gravelle
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