The Greek authorities extended the closure of the banks and the limits on cash withdrawals for two days, until this evening. Consultations between Greece and the European authorities are ongoing. The Governing Council is closely monitoring financial market developments and the implications for monetary conditions and price stability in the area; it stands prepared to deploy all the instruments available.
In short, by targeting the exchange rate, we would lose our ability to pursue an independent monetary policy in the interests of Canada. By the same token, we can imagine a scenario where the U.S. economy was picking up speed and our economy was lagging.