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The Bank of Canada today announced the first two fellowship awards for 2003 under its Fellowship Program launched late last year.

Canada's financial system consists of financial institutions, financial markets, and clearing and settlement systems. It is a key part of the infrastructure of our economy.

As announced in the 2003 Budget, the Government will gradually reduce the fixed-rate portion of the debt from two-thirds to 60 per cent. The reduction will begin in the upcoming fiscal year and will be implemented in an orderly and transparent manner over the next five years to maintain a well-functioning Government of Canada securities market.

In a speech to the Speakers Forum, Bank of Canada Governor David Dodge said today that Canada's macroeconomic policy framework is protecting the economy from both persistently high inflation and the threat of deflation.

I'll discuss what's happening to prices in the economy and how Canada's macroeconomic policy framework protects it from the risks of persistent inflation or deflation. Finally, I will update our outlook for the Canadian economy.

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

Core inflation has been higher than anticipated in recent months. This reflects not only a stronger-than-expected increase in premiums for auto and home insurance, but also some broadening of price pressures resulting from strong demand in the economy.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 3/4 per cent.

The Board of Directors of the Bank for International Settlements (BIS), based in Switzerland, announced today the appointment of Malcolm Knight as the new General Manager of the BIS, beginning in April 2003.

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