We are free to adjust our policy interest rate in the context of Canadian economic conditions—and, in particular, do not need to move in step with the Federal Reserve. And that policy rate is transmitted effectively to stabilize the Canadian economy. Conclusion I began these remarks by noting that Canadians have learned to live with an open capital account. That goes for policy-makers, too.
While global interconnections are a major factor in gauging the effects of our policies, they do not circumscribe our ability to set our own course.