•  The main upside risks to inflation relate to the possibility of a stronger-thananticipated recovery in the global economy and more robust Canadian domestic demand. •  On the downside, the global recovery could be even more protracted than projected.
What some critics seem to forget is that monetary union itself contributes to the deepening of economic and financial integration, by promoting the medium term convergence of inflation and the synchronization of the business cycle. These developments contribute to dispel the risks of asymmetric shocks in the future.