At the end of a recent press conference, I said that the crisis would not have been as severe if we had had more, not less, integration in Europe; and that our future lies with more integration, not the renationalisation of our economies. I suspect Tommaso would have agreed.
Before I discuss today's Monetary Policy Report, which reflects the Bank of Canada's latest thinking on the economy, I would like to say a few words about the global financial crisis. We realize that this has created a great deal of uncertainty and stress. We understand the severity of the situation, and we are taking action to address it.