•  In Canada, economic growth is expected to be choppy in the near term, owing to unusual temporary factors. The overall outlook is little changed from the Bank’s projection in April. •  Annual GDP growth is projected to average 1.8 per cent in 2013 and 2.7 per cent in both 2014 and 2015, supported by very accommodative financial conditions.
The person who immediately grasped that aspect of the change-although that was not the reason it was introduced-was the Minister of Finance, Yitzhak Modai, when the shift was made from a horizontal to a crawling exchange-rate band, in December 1991.