For example, in April this year, the price of ketchup was raised for the first time in 25 years – I should note that this price hike was not due to purchases by the Bank of Japan.
This should help us see recent developments in the Canadian economy and in monetary policy in a clearer light. It should also provide some insight on what needs fixing in the international financial system and what mistakes to avoid in the future. So, why has the 1997–98 financial turmoil been more widespread and long-lasting? The way I see it, there were two main reasons.