Consequently, Canadian interest rates for all maturities fell back to levels below those in the United States, consistent with Canada’s lower inflation rate. The downward movement in the Canadian dollar, besides softening the impact on our resource sector, encouraged a rather prompt increase in exports of manufactured goods. This helped to compensate for the reduction in receipts from commodity exports.
Today is the 11th time that the Governing Council has met outside Frankfurt, and I would like to thank President Weber for his invitation and hospitality. Let me also express our gratitude to the staff of the Deutsche Bundesbank for their excellent organisation of today’s meeting. Let me now report on the outcome of today’s meeting, which was also attended by Commissioner Almunia.