Paul and I are pleased to appear before this committee today to discuss the Bank of Canada's views on the economy and our monetary policy stance. While conditions in the Canadian economy have improved since we met with you in February and April, many of the basic challenges remain.
Before Paul and I take your questions, I would like to give you some of the highlights from our latest Monetary Policy Report, released last week. •  Recent indicators point to the start of a global recovery. Economic and financial developments have been somewhat more favourable than the Bank had expected in July, although significant fragilities remain.