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When I talk about the "financial system," I am referring to financial institutions and markets, the infrastructure, laws, and regulations that govern and support their operations, and the macroeconomic framework within which they operate. My message for you is that improving the efficiency of Canada's financial system is imperative.

Bank of Canada Governor David Dodge said today it is imperative that Canada work to enhance the efficiency of its financial system.

he Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 1/2 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2 3/4 per cent.

Effective today, the Bank of Canada is inviting nominations for the second annual Law Enforcement Award of Excellence for Counterfeit Deterrence. This award is presented to one or more police officers, employees, or volunteers of a Canadian law enforcement agency who have demonstrated outstanding commitment and initiative in the fight against bank note counterfeiting or in the prevention of counterfeiting.

The Canadian economy grew faster in the first half of the year than we had projected, largely because of a surge in exports. The economy is now operating near its production capacity and continues to adjust to global developments.

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The Bank of Canada today put into circulation Canada's new $50 bank note. The new note will be distributed and become available across the country over the next few weeks.

These meetings help us keep Members of Parliament and, through you, all Canadians informed about the Bank's views on the economy, and about the objective of monetary policy and the actions we take to achieve it.

The Canadian economy has grown faster than was projected in last April's Monetary Policy Report and the July Update, largely because of a surge in exports. It is now operating near its production capacity and continues to adjust to global economic developments.

The Prime Minister announced today that Mark Carney, Deputy Governor of the Bank of Canada, has been appointed Senior Associate Deputy Minister of Finance, effective 15 November.