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It's great to be back in Vancouver and to renew acquaintances at the Board of Trade. I'm going to spend some time today discussing the Bank of Canada's outlook for the Canadian economy and inflation, and how we are responding. But in order to understand the current economic situation, we need to look at some of the extraordinary events of the past year or so and how those events have affected the economy.

Canada's reliance on foreign trade has required us to be active internationalists for decades. Louis Rasminsky, who went on to become Governor of the Bank of Canada, was one of Canada's delegates at the Bretton Woods Conference that led to the creation of the International Monetary Fund (IMF) and the World Bank. Rasminsky played an important role, formal and informal, at the talks.

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

During the current power difficulties, the Bank of Canada in Ottawa has been operating from its back-up facility to provide essential services, such as monitoring financial markets and the critical clearing and settlement systems.

A consultation document on issues relating to the design and operation of the Real Return Bond program, prepared jointly by the Department of Finance and the Bank of Canada, is being published today.

For more than 70 years now, the Couchiching Institute on Public Affairs has been bringing Canadians together with the purpose of asking some thought-provoking questions and encouraging lively, stimulating debates and action on a variety of key public policy issues.

The Bank of Canada today released its 2004 schedule of eight dates for announcing decisions on its key policy interest rate, and confirmed the announcement dates for the remainder of this year.

The Bank of Canada today released its Update to the April Monetary Policy Report.

Today, we released our Update to the April Monetary Policy Report. The Update reviews economic and financial trends in the context of Canada's inflation-control strategy.

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