But if it is difficult to assess quantitatively the  2/6  overall impact of globalisation on inflation, it is more difficult to predict to what extent globalisation will apply downward pressure in the future and for how long.
This, together with a higher assumed level for the Canadian dollar, suggested that there would be more drag from net exports in 2008 and 2009 than previously expected. Given these developments, we held our policy rate steady through September and October.