These meetings have been very valuable for the Bank over the years, and I hope that we will continue them during my tenure as Governor. Before Paul and I take your questions, I would like to give you some of the details from our latest Monetary Policy Report, released last week.
Growth in the global economy has weakened since the January Monetary Policy Report Update, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated.