First, we hope to identify potential risks in the Irish financial system and second we will endeavour to raise the level of awareness of these risks by all economic agents, including households and businesses.
Financial conditions have deteriorated since October, leading to tighter credit conditions in industrialized countries. Given this, and a deeper and more prolonged decline in the U.S. housing sector, the outlook for the U.S. economy in 2008 is now significantly weaker than at the time of the October MPR. The weaker U.S. economy will lead to additional downward pressure on Canada's export growth.