These results clearly indicate the way forward; they call for further progress in eliminating the constraints that still hold down employment, slow growth and exclude too many people from the labour market. In the last ten years a large part of the developing world, which historically had been a debtor, has become a creditor.
  The three main downside risks relate to sovereign debt and banking concerns in Europe, the increased probability of a recession in the U.S. economy, and the possibility that growth in household spending in Canada could be weaker than projected.   Reflecting all of these factors, the Bank last week maintained the target for the overnight rate at 1 per cent.