Other firms are phasing out the production of goods and services with low profit margins and concentrating on those that yield higher returns. Monetary policy is working to support this adjustment process by maintaining strong growth in domestic demand. Low interest rates help encourage consumer and business spending to keep the economy operating close to its production potential.
These efforts will help us to make better policy decisions, reinforce our legitimacy and cement trust with our citizens. The stakes are high, and this opportunity should not be missed. 1 While Canada has been insulated from these trends when compared with the United States and much of  Europe, we have not been immune.