But the point I want to highlight this evening is that improved terms of trade and a strengthened net foreign investment position have resulted in a significant - and easily measured - increase in the real per capita income of Canadians in the aggregate, and thus in our standard of living.
By ensuring that inflation returns to the target of 2 per cent over the medium term, the recent monetary policy actions by the ECB can contribute to alleviating the drag on households’ real income and create the conditions for a return to sustainable growth and improved living standards.