Third, the single rulebook would also need to be complemented over time by the common implementation and enforcement of rules as the deeper interconnectedness generated by CMU increases risks of contagion and consequently requires enhanced oversight and supervision of markets and institutions.
A crucial question for the Bank now is whether the stronger economic data that we have been seeing are signalling increasing momentum. Some of the strength is coming from factors that are unlikely to continue at the same pace. For example, the very strong growth in consumption in the first quarter was supported by a temporary boost from the Canada Child Benefit.