I want to assure you that the Bank monitors market developments very closely. And we carefully assess the implications of currency movements for aggregate demand and inflation in Canada. In closing, let me reiterate that the Bank remains generally positive about Canada's economic prospects in the period ahead.
We continue to expect a pickup in growth in the second half of this year and further strengthening in 2002. The main risk to this outlook is the timing and strength of the projected pickup in U.S. growth. Given this uncertainty, we will continue to monitor developments closely and we will respond appropriately. 2  BIS Review 35/2001