These forecasts are released to the  -4public shortly after the FOMC meeting in the Summary of Economic Projections (SEP), and they receive a good deal of scrutiny by financial market participants and journalists.6 One important but underappreciated aspect of the SEP is that its projections are based on each individual’s assessment of appropriate monetary policy.
And we may no longer be able to tailor policies to fully meet our own needs or to foster particular Canadian industries. These are issues that we ought to be aware of and analyze very carefully. But economic theory and our experience so far support the view that, on balance, the benefits of opening up to the rest of the world outweigh the costs.