2  BIS Review 22/2002  As I said in my last speech in Paris earlier this month, more recently, there have been encouraging signs of a turnaround in the world economy, and the latest economic indicators for Canada show that a recovery is indeed underway. What should be the international policy response to common shocks?
Having discussed how Canadian monetary policy has been conducted in the presence of economic shocks, I would now like to broaden the scope of my presentation somewhat by providing some thoughts on the appropriate international policy response to common shocks.