The advantages of this expansion are now showing up in gains in employment and incomes. This is all very heartening. To maximize these benefits, we must build on - not be complacent about - our new-found economic vitality. We must avoid the boom-bust cycles of the past. This is one issue I would like to discuss today - how to minimize economic fluctuations.
Not eliminate them altogether, that is just not possible. In today’s globalized markets, there will still be times when Canada’s very open economy will be hit by external shocks. And sometimes there will be surprises on the domestic side too. In the past, though, some of our economic ups and downs were aggravated by outbreaks of inflation.