In addition to these risks, we are faced with a great deal of uncertainty about the trend growth rate of potential output in Canada. We are fairly confident in our assessment of the contribution of labour force growth to future potential output. However, there is a lot of uncertainty about the trend rate of productivity growth.
And ladies and gentlemen, I hope you will find the discussions here at today’s symposium inspiring. This is the right time to hand over to the first panel of today’s symposium. The title of the first panel is “The European Monetary Union: Deficits and Cures”. Harold James, the floor is yours. 6  BIS central bankers’ speeches