We firmly believe that the need to correct the excessive deficits in some countries and to pursue sound fiscal policies in general have to be framed within a comprehensive and credible medium-term reform strategy.
These difficult but necessary adjustments in the private and public sectors of our economy were Canada’s parallel to the U.S. headwinds. To compensate for the direct impact of these adjustments, as well as for their indirect effects on consumer confidence, the economy needed a substantial amount of monetary support.