The Answer to this question must be between 900 and 1,100. Please share your word count after your answer. Please Do not use ChatGpt AI to answer the question but a professional. Your answers will be judged based on the quality of your analysis and reasoning, not whether you "agree" or "disagree" with the propositions in the questions. A high quality answer will focus on concepts, arguments, and evidence (whether qualitative, quantitative, or both), and not on merely stating opinions that fail to be backed up by analysis.

Question1: "Much like other major central banks, the Bank of Canada was complacent about inflation, and began acting to correct it too late, thereby resulting in greater pain for average Canadians than would have been necessary if they had been alert to the problem earlier." Do you agree or disagree? Discuss critically.