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(English Version) Economic developments in Canada since the November Report, and the profile for growth outlined in the Update, suggest that the amount of slack in the economy through 2002 will likely be somewhat greater than assumed in November.

(Bilingual Version) Economic developments in Canada since the November Report, and the profile for growth outlined in the Update, suggest that the amount of slack in the economy through 2002 will likely be somewhat greater than assumed in November.

The Bank has a commitment to contribute to the economic well-being of Canadians. This means that we must conduct monetary policy so that it fosters sustained solid economic growth.

Since our May 2001 Report, a further weakening of the world economy and the terrorist acts in the United States have forced a reappraisal of global economic prospects. By midsummer, evidence began to accumulate that the economic slowdown, globally and in Canada, would bedeeper and more protracted than previously anticipated. Thus, in late August, the […]

Right now, all national economies face difficulties - difficulties stemming from the further weakening of the world economy and from the terrorist acts in the United States. As businesses, governments, and individuals in Canada - and around the world - strive to come to terms with the implications of those acts, the main preoccupation is, naturally, with the near term.

Today, we released a section of the speech that I was to give in Moncton two days ago. It deals with current economic developments. The speech was postponed in light of last week's tragic events in the United States.

The Report provides our latest assessment of the outlook for economic growth and inflation in Canada. Before I give you a flavour of that assessment, I would like to say a word about the objective of Canadian monetary policy and how we go about achieving it.

This morning, we released our spring 2001 Monetary Policy Report. In the six months since the November 2000 Report, the pace of economic expansion in Canada has slackened, primarily because the economic slowdown in the United States has been more pronounced than anticipated. The extent of the easing in economic activity in Canada is the […]

On this occasion, I would like to touch on the Bank's contribution to good economic performance, our emphasis on openness and transparency, and our role in promoting domestic and global financial stability. I will then comment on the Bank's view of current economic conditions and discuss any issues you may wish to raise.

This morning, we released our Update to last November's Monetary Policy Report. This Update was completed at the time of the Bank Rate announcement on 23 January. It presents the analysis on which we based our decision to reduce the Bank Rate by 25 basis points.