15 The shock is scaled to a term-spread reduction by 34 basis points, which is the estimated level of the impact of the announcement of the December 2016 APP package on the euro area 10-year bond rates.
The strength of the global economy has had the important effect of increasing the demand for – and raising the prices of – many commodities that Canada exports, including oil and natural gas, copper and nickel, potash and uranium. At the same time, the prices of many imports have fallen, owing in part to global competition.