Moreover, since the share of Switzerland in Hungarian exports is negligible, there is no short term competitiveness effect stemming from the weaker forintSwiss franc exchange rate. Thus the strengthening of the Swiss franc against the euro has only adverse effects on the Hungarian economy.
If we continue to see the above-average wage growth that we’ve been seeing in Canada without stronger growth in productivity, it will be difficult to bring inflation all the way down to 2%. Households in Canada are also some of the most indebted in the G7: our household debt-to-income ratio has been on a generally upward path for the past three decades.