The only sustainable way to raise nominal rates is to strengthen growth and job creation. These are necessary conditions for bringing inflation back to target and preserving price stability in the interest of all euro-area citizens. And this is why we need to be ambitious in our decisions. The stronger our actions today, the sooner these conditions will be fulfilled.
We do not know which of these will be enacted; their timing is uncertain; and each would affect the global and Canadian economies 1/2  BIS central bankers' speeches  through a different, complex set of channels. With all of this uncertainty, we cannot reliably model the impact of changes to US trade policy.