Winter 2018 (Interim), INSTITUTIONAL PAPER 073 | FEBRUARY 2018. ec.europa.eu/info/sites/info/files/economy-finance/ip073_en_upd2.pdf European Commission (2017). Commission sets out Roadmap for deepening Europe’s Economic and Monetary Union, 6 December 2017 europa.eu/rapid/press-release_MEMO-17– 5006_en.htm European Commission (2015), Completing Europe’s Economic and Monetary Union. Report by Jean-Claude Junker in close cooperation with Donald Tusk, Jeroen Dijsselbloem, Mario Draghi and Martin Schulz. 22 June.
Second, an important consequence of rising US optimism has been an increase in US bond yields, some two-thirds of which has been imported into Canada— much more than in many other countries. While this reaction is consistent with past correlations, it is at odds with Canada’s macroeconomic situation where there is material excess capacity, unlike the US economy.