Canada's Duguay on monetary policy, global economy

After recalling how the decline in the external value of the Canadian dollar during the 1990s helped our economy adjust to various external and internal shocks, Mr. Duguay considers the kind of adjustments the Canadian economy will have to make to respond to the challenges and opportunities of the changing world situation-the global economic recovery, rising commodity prices, and a realignment of major currencies, including the Canadian dollar. In this context, he reiterates the Bank's commitment to facilitate adjustments in the economy by supporting aggregate demand and keeping inflation low, stable, and predictable.

Mr. Duguay concludes with a brief review of recent economic developments and the Bank's outlook for the economy and inflation.

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Remarks by Pierre Duguay, Deputy Governor of the Bank of Canada to the Steinbach Chamber of Commerce, Steinbach, Manitoba, 22 March 2004.

National monetary policy in a global economy