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The Bank of Canada today released a joint statement of the Government of Canada and the Bank of Canada on the extension of the inflation-control targets.

A year ago, in early 1997, prospects for global economic growth were very promising. World economic activity had strengthened and was expected to accelerate further, with the benefit of low inflation, reduced fiscal imbalances, and stable or declining interest rates. In Canada too, output and employment growth had picked up.

The Bank of Canada today raised its Bank Rate by ½ of one percentage point to 5 per cent.

The Bank of Canada today released a guideline outlining how it intends to carry out its responsibilities under the Payment Clearing and Settlement Act (PCSA).

The Bank of Canada today raised its Bank rate by ½ of one percentage point to 4 ½ per cent.

Today, we meet against a backdrop of some uncertainty in the international economy. I would like to begin my remarks with an assessment of what the recent financial and economic events in Asia could mean for Canada.

The Bank of Canada today released a report by Professor Duncan McDowall of Carleton University entitled Due Diligence: A report on the Bank of Canada's handling of foreign gold during World War II.

The Bank of Canada today raised the Bank Rate by 1/4 of one percentage point to 4 per cent. The Bank's operating band for the overnight rate was similarly adjusted.

Today, I would like to talk about some of the important issues and challenges facing monetary policy in the period ahead and how the Bank of Canada proposes to deal with them. This is not an unusual topic for me since the business of central banking is seldom without challenges. But what a difference the past two years have made to the challenges we face!

The Bank of Canada today raised the Bank Rate and its operating band for the overnight rate by 1/4 of one percentage point.