To summarize, our monetary policy framework has served us well in maintaining a domestic environment of growth and stability. Together with other domestic policies, it has helped Canada to adjust to some significant changes in the global economy. But sound domestic policies are not sufficient to eliminate spillover effects from decisions and events on the other side of the world.
And, while global integration creates new opportunities, it also poses certain risks. In particular, if other countries fail to pursue sound policies, we could see abrupt changes in global financial conditions, with harmful spillover effects in Canada and elsewhere.