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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.
Sharon Kozicki Sharon Kozicki was appointed Deputy Governor of the Bank of Canada, effective August 2, 2021. In this role, she oversees the Bank’s analysis of domestic economic developments and, as a member of Governing Council, shares responsibility for decisions about monetary policy, the stability of the financial system and the strategic direction of the Bank. At the time of her appointment, Ms. Kozicki was Secretary to Governing Council and Advisor to the Governor on subjects related to the Canadian economy and monetary policy. She also led the Bank’s review of the monetary policy framework for the 2016 renewal of the inflation-targeting agreement with the Government of Canada. Between 2010 and 2013, Ms. Kozicki was Managing Director of the Bank’s Canadian Economic Analysis Department, responsible for briefing Governing Council about developments in the Canadian economy to inform monetary policy decisions. She oversaw long-term research on the operation of the economy, inflation, macrofinancial linkages, and the transmission channels of domestic and international monetary policies. Ms. Kozicki also served as Deputy Managing Director of the Bank’s International Economic Analysis Department between 2008 and 2010. Before joining the Bank in 2006, Ms. Kozicki was an economist with the Board of Governors of the Federal Reserve System in Washington, D.C., and Vice President and Economist at the Federal Reserve Bank of Kansas City. Born in Ottawa, Ms. Kozicki has a bachelor of science degree and a master’s degree in economics from the University of Toronto and a PhD from the University of California San Diego. Subrata Sarker Subrata Sarker was appointed Managing Director of the Bank’s International Economic Analysis Department (INT), effective August 1st, 2025. In this capacity, Mr. Sarker is responsible for the strategic direction and management of the department, which includes performing timely analysis of current and prospective global economic developments and policy experiences, focusing on their implications for Canada and providing policy advice on issues that arise in the global economic forums, such as the G20/G7 and the International Monetary Fund (IMF). M. Sarker joined the Bank in 2010 as a Senior Analyst in the Global Issues Division and has held increasingly senior positions in the International Economic Analysis Department. Prior to his current role, Mr. Sarker was a Senior Policy Director of the Department providing strategic leadership and overseeing the Bank's analysis of the global economy and that department’s contributions to the Monetary Policy Report. Nicolas Vincent Nicolas Vincent was appointed external Deputy Governor of the Bank of Canada for a two-year term, effective March 2023, with the term extended by one year in 2024. In this role, Mr. Vincent 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. Mr. Vincent is a professor of economics in the Department of Applied Economics at HEC Montréal and co-chair of the Business Cycles and Financial Markets research theme at CIRANO (Centre interuniversitaire de recherche en analyse des organisations). Mr. Vincent began his career as an economist at the Department of Finance Canada in 2000. From 2007 to 2012, he was an assistant professor at HEC Montréal, then an associate professor from 2013 to 2021. He was appointed as a full professor in 2021. He has been a visiting and adjunct faculty member and researcher at numerous institutions, including Columbia Business School, INSEAD, the Banque de France and the Kellogg School of Management. Mr. Vincent was the 2021 recipient of Marcel Dagenais Award for Outstanding Contribution to Economic Research in Quebec and Canada as well as the recipient of a 2022–26 Social Sciences and Humanities Research Council Insight Grant. He was the winner of the Young Researcher of the Year Award at HEC Montréal in 2012 and has won multiple Teacher of the Year awards from HEC Montréal and INSEAD over the course of his career. Born in Trois-Rivières, Quebec, Mr. Vincent holds a Bachelor of Commerce degree in applied economics from HEC Montréal, a master’s degree in economics from Queen’s University and a PhD in economics from Northwestern University. André Binette André Binette is a Senior Policy Advisor in the Canadian Economic Analysis Department (CEA). In this capacity, he participates in the department’s contribution to the Bank of Canada’s Monetary Policy Report. Also, he conducts analysis and research on current economic issues and monetary policy more generally. His primary interests include economic forecasting and Big Data. Mr. Binette began his career at the Bank of Canada in 1999 as an Economist in the Current Analysis Division. For two years, he was a Senior Analyst in the Canadian Projection and Model Development Division. In 2009, he became Director of the Current Analysis Division. Recently named Senior Policy Advisor and responsible for the new division in charge of better understanding the impact of new technologies on the economy. The mandate of the new division (Digital Economy and Advanced Analytics) is far reaching, ranging from issues such as the size of the digital economy to the impact of technological progress on the functioning of the economy. The division will also explore the efficacy of Big Data to improve our ability to understand the Canadian economy better. We will also assist in the adoption of new and emerging technologies in CEA. Born in Montréal, Mr. Binette obtained his Masters in Economics from UQAM.
Agenda
April 29, 2026 12:45
Online English Briefing on the Monetary Policy Report
Deputy Governor
Sharon Kozicki
Managing Director
Subrata Sarker
April 29, 2026 15:00
Online French Briefing on the Monetary Policy Report
External Deputy Governor
Nicolas Vincent
Senior Policy Advisor
André Binette
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