The recent volatility in exchange rates, both here in Canada and in many other countries, has generated considerable public commentary, and I would like to say a word about that. What we have been seeing is a strengthening of the U.S. dollar against all major currencies despite the marked slowdown in U.S. economic growth.
Since the exchange rate is a key price in the Canadian economy, the Bank recognizes that movements in its value can be a source of concern for Canadians. I want to reassure you that the Bank watches market developments closely and carefully assesses the effects of currency movements on aggregate demand and inflation in Canada. In closing, Mr. Chairman, let me emphasize two points.