We publish our projection so that Canadians and financial markets know the basis against which the Bank judges all new economic developments. When we set our policy interest rate eight times a year, we assess all available information on the global and Canadian economies relative to our base-case projection and then make our monetary policy decisions. BIS Review 35/2006  1
PAN was therefore born as an integral part of this process, having been established in 2005 by virtue of the Payment System Management Act, 2003 (Act No. 18 of 2003). PAN is a legal body, self-regulatory non-profit association, made up of banking institutions and non-bank payment service providers. But why was this Association established and what is its mandate?