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At the time of the November 2000 Monetary Policy Report, although signs of the anticipated slowing of the U.S. economy were becoming apparent, the momentum of the global economy was considered strong.

On 23 January, the Bank reduced the Bank Rate by one-quarter of one percentage point to 5 3/4 per cent.

The year that just passed posed many challenges for all Canadians. The slowdown in the global economy became more pronounced as the year went on, and this affected households, businesses, and governments alike. The tragedy of 11 September compounded the economic difficulties and issues facing us all. Through this period of rapidly changing circumstances, the Bank met its responsibilities by responding quickly and vigorously to events in order to underpin confidence and support the economy.

The Canadian economy continued to expand robustly in 2000 while inflation remained low.

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Intaglio Master Plate—Bank of Canada, 1954 Series $5

The intaglio plate shown here is made of steel and measures approximately 8 1/4 x 4 3/4 inches. Together with the note, the engraver's chisel, and eyeglass, it is part of the National Currency Collection, Bank of Canada.

Photography by James Zagon.

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Chinese Emergency Money

This note measures approximately six by ten inches, and forms part of the National Currency Collection, Bank of Canada.

Photography by James Zagon.

Over the last six months, most countries have continued to register strong economic growth.

Information received since the last Monetary Policy Report continues to show solid economic growth in the United States, Europe, and the emerging markets.

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Early French Scale

The pieces featured on our cover form part of the National Currency Collection, Bank of Canada.

Photography by James Zagon.