In its Debt Management Strategy 2003/04, the government announced that the auction time for treasury bills would be moved to 10:30 a.m., on a trial basis, starting 22 April 2003.
It has not been an easy year. All of you have been running companies and making decisions under very uncertain conditions. You have had to deal with corporate and accounting issues. Markets have been volatile. And geopolitical events have shaken confidence.
Overall, market participants agreed that domestic borrowing programs are operating smoothly and participants have also reacted positively to potential program initiatives and adjustments that the Bank of Canada and the Department of Finance are considering for 2003/04.
In December 2002, officials from the Department of Finance and the Bank of Canada consulted with market participants on a number of issues related to domestic debt programs. Comments received were taken into consideration in the development of the debt strategy for 2003/04.
Canada and Italy share many similar characteristics. We both belong to the G-7, and we are among the smaller members of that group. Our two economies vary greatly from region to region, both in terms of structure and strength.
It has become almost a cliché to point out that "Internet time moves faster than normal time." But I'm reminded of that observation as I accept this award - an award for achievement in a medium that barely existed ten years ago.
We are facing a time of great economic and political uncertainty. While economic activity is close to potential in Canada, most other countries are facing very weak demand and lacklustre economic prospects. And, of course, there is the overriding prospect of a war in Iraq.