When interest rates are not bounded (and are, therefore, at higher levels), we can rely on a ‘lighter’ form of guidance. Going further, any discussion on forward guidance would be incomplete without touching upon the controversy regarding “who is leading who” in this “game” of exchanging information.
Structural reform has also included changes to Canada's corporate tax regime—changes that, when completed, will eliminate the federal capital tax and reduce the average statutory corporate tax rate in Canada to a level that is below current U.S. rates. Of course, there are other structural improvements left to be made. I'm sure many of you have views and suggestions about how to make them.