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Today, I will talk about two types of global economic imbalances. The first relates to the way that savings and investment are being distributed across countries in an increasingly uneven way. The second is the possibility that, over the next couple of decades, the global economy might face a protracted period in which desired savings exceed planned investment, partly because of demographic trends.

The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 3/4 per cent.

The Bank of Canada is pleased to announce the 2005 recipients of its annual Law-Enforcement Award of Excellence for Counterfeit Deterrence.

The announcement dates from September 2005 through December 2006

Mr. Little, who will join the Bank in September, is a recently retired journalist from the Globe and Mail, where he spent most of the past two decades writing about economics and public finance.