Nonetheless, over our history, Canada has transitioned from being a primary goods powerhouse—principally, wood, wheat and other agricultural goods—with a limited set of trading partners to a well-diversified modern economy. Today, we export a broad range of manufactured goods, including almost anything with wheels—automobiles, trucks, airplanes and subway cars—and an expanding range of web-based services.
While price stability remains the dominant objective, financial stability has been recognized an explicit objective of monetary policy. We have used macro-prudential measures even before the crisis as a stabilization instrument. Our approach to financial sector reforms and liberalization of the capital account has been cautious and gradual.