With that in mind, my remarks today will cover three points: First, how the Canadian economy has evolved since our quarterly Monetary Policy Report (MPR) in July; next, how we have factored developments on the trade side into our outlook; and, finally, I will give you a sense of Governing Council’s deliberations that led to our decision yesterday to hold our policy rate steady.
For the supervision of cross-border systemically important institutions we need strong international cooperation and clear rules, in particular regarding potential burden sharing. For the global monitoring of systemic risks, the envisaged close cooperation between the International Monetary Fund and the Financial Stability Board in the conduct of early warning exercises has a crucial role to play.