The Bank of Canada is employing games and social media to engage with the public.
Space Invaders and the Central Bank’s New Approach to Public Engagement
OTTAWA — In a notable shift towards greater public engagement, the Bank of Canada is employing creative strategies to connect with Canadians, moving beyond traditional communication methods. This push for wider understanding is driven by the bank’s desire to broaden its audience and ensure greater effectiveness of its monetary policy, especially amidst concerns about misinformation and the evolving information landscape. The bank’s recent initiatives, including a nostalgic video game embedded within new banknotes and direct outreach to diverse community groups, reflect a recognition of the need to actively build trust and comprehension among Canadians.
The bank’s approach has gained traction through various channels, aiming to make complex economic concepts more accessible. A central component of this strategy is the inclusion of the classic video game, “Inflation Busters,” within the redesigned $10 bill. The game allows users to battle simulated inflation, offering a playful way to understand the bank’s role in controlling prices. This initiative, alongside similar efforts by other global central banks like the Bank of Jamaica, demonstrates a broader trend of creativity in financial communication. Furthermore, the Bank of Jamaica’s use of reggae music videos and the European Central Bank’s podcast series exemplify how international central banks are experimenting with diverse formats to reach wider audiences.
The strategic shift is spearheaded by Governor Tiff Macklem, who has actively used his platform to advocate for greater public trust and to address issues like income inequality, topics seldom discussed by central bank governors. “It’s incumbent on us to really ensure that as many Canadians as possible understand what we’re trying to achieve,” stated Bank of Canada Deputy Governor Lawrence Schembri in an interview with Reuters, highlighting the core motivation behind the bank’s evolving communication strategy. The objective is to foster a deeper understanding of monetary policy and its impact on the Canadian economy. This multi-pronged effort leverages simplified explainers, videos, and animations, alongside direct engagement with community groups, university student challenges, and, notably, the banknote campaign reflecting a commitment to tailoring messages to diverse audiences.
Looking to the future, the Bank of Canada plans to expand its reach by tapping into schools, with a particular focus on Indigenous and underprivileged youth. “One of the things that we have really tried to do with this engagement for the inflation target renewal is really listen,” emphasized Schembri. This strategic investment acknowledges the need to cultivate understanding from an early age, recognizing the importance of educating the next generation about economic principles. The move aligns with the bank’s overall vision of a financially literate and engaged citizenry.
A key element of this revitalization is the formal engagement process for reviewing the current 2 per cent inflation target. The Bank of Canada is actively soliciting input from Canadians regarding alternative monetary policy frameworks, marking a significant departure from the traditionally unidirectional flow of information. To date, over 8,500 individuals have responded to the inflation survey, indicating a level of interest and involvement that surpasses initial expectations. While the survey’s reach is still a fraction of the nearly 600,000 who have watched reggae star Denyque’s inflation dubplate on the Bank of Jamaica’s Twitter feed, demonstrating the potential for viral engagement. “From a communications perspective there’s a big win in going viral,” noted Josh Greenberg, a media and communications expert at Carleton University who consulted on the Bank of Canada’s $10 bill engagement strategy. “But going viral usually requires a commitment to a level of irony and self-deprecation that I would argue is unbecoming of a central bank.” This highlights the delicate balance the bank must navigate while pursuing innovative communication tactics.
The bank’s proactive approach underscores the significance of public trust and the complexities of monetary policy in the modern era. By embracing diversity in communication methods and actively seeking feedback, the Bank of Canada seeks to establish a stronger connection with Canadians, reinforcing its role as a credible and transparent institution. The ongoing review of the inflation target further demonstrates the bank’s commitment to adapting to the evolving needs of its audience and its persistent efforts to build a more financially informed society.
