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The global economic recovery is entering a new phase. In advanced economies, temporary factors supporting growth in 2010 - such as the inventory cycle and pent-up demand - have largely run their course and fiscal stimulus will shift to fiscal consolidation over the projection horizon.

The government's public debt (also called domestic debt or federal debt) consists largely of outstanding government securities, such as treasury bills and marketable bonds.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

A quarterly summary of interviews conducted by the Bank's regional offices with the senior management of about 100 firms.

Responses to the autumn survey suggest that the economic recovery is progressing. Firms remain positive about the outlook over the next 12 months, but they generally expect growth to be modest, owing in part to a weaker outlook for the U.S. economy.

The survey results point to an overall easing in business-lending conditions during the third quarter of 2010. Both the price and non-price aspects of business lending eased during the quarter. Note that the balance of opinion indicates only the direction of the change in lending conditions; it does not provide information on the magnitude of the change.

A quarterly survey of business-lending practices of major Canadian financial institutions.

As a native Montrealer, I am particularly pleased to be coming home to deliver my first speech as Senior Deputy Governor of the Bank of Canada.

Data and definitions

Data and definitions