Canada's need for a well-functioning international financial order helps to explain why we have been working so hard to see real reforms to strengthen the IMF, and to shift everyone's focus back to the original goals of its founders.
Chart 1 Composite output PMI (diffusion index; seasonally adjusted; monthly data)  https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190916~ca7... 16.09.2019  Reflections on monetary policy  Page 2 of 18  Sources: Markit and ECB staff calculations.Notes: The long-run averages are 53.0 for the euro area, 54.2 for advanced economies excluding the euro area and 53.1 for emerging market economies.