First, we updated our forward guidance on the key ECB interest rates and now expect them to remain at their present levels at least through the first half of 2020, and in any case for as long as necessary to ensure the continued sustained convergence of inflation consistent with our inflation aim.
That is why in speeches in Vancouver and Toronto last year I spoke about where the Canadian economy might be heading in the future; what this might imply for our economic performance over the medium term; and what should the contribution of monetary policy be.