Encouragingly, evidence from the Bank's quarterly surveys confirms that across Canada businesses have been responding to the new global economic realities. Some have chosen to import more inputs and finished goods from lower-cost suppliers in Asia. Others have moved away from products and markets with low profitability towards those that are likely to yield higher profit margins.
That view has changed in a fundamental way, especially in the aftermath of the financial crisis when it was urgently important that the public understand what we were doing. So we began explaining as accessibly and as clearly as we could what we were doing and why. Now we are listening carefully.