Poloz was asked by Marcel Boyer after his speech where the 2% target came from and his response contained a lot of errors. He said it started in 1994 or 1996 or thereabouts and that 2% was already being used elsewhere as an inflation goal. It was introduced in February 1991, when the Bank of Canada first became an inflation-targeting central bank as a target for the end of 1995, to be replaced by something lower thereafter. The 1993 renewal agreement ruled that it would continue to be the target after 1995, and it has never been changed since. The Bank of Canada was the very first inflation-targeting central bank to adopt a target rate as opposed to a target range, so the 2% target rate started here.