What are the other trends that will reinvent the delivery of banking services? So far, the Internet has been at the forefront of channel innovation, heralding first online and then, direct banking. But now, other innovative channels are emerging such as mobile technology, near field communications and the like. The most successful banks will be those that combine visionary technology with strong customer centricity.
It allows the Bank to take policy actions to prevent overheating, when the economy is strong and is pushing against its capacity limits, and to support growth when the economy is weak. Let me now try to relate this to our recent experience in Canada.