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The Canadian economy regained strong momentum in 1999 as the U.S. economy remained vigorous, the global economy recovered, and commodity prices moved upwards.

This is the second in a series of semi-annual reports designed to increase the transparency and understanding of Canadian monetary policy.

During the past six months, global economic uncertainties have intensified, largely as a result of developments in emerging-market economies.

Two major issues dominate the analysis and policy discussion in this Monetary Policy Report: the nature and extent of the global economic slowdown that began late last year and the consequences of the terrorist attacks in the United States.