*  *  *  The economy The world economic recovery is continuing, albeit amidst many uncertainties. Global output grew by 5 per cent on average in 2010; the previous year it had fallen by almost one percentage point. It is commonly believed that the expansion will continue at almost the same pace as last year.
Today’s conversation is an opportunity not only to hear from external academic researchers, but also to have a robust conversation with practitioners about how this research might inform the Board’s work. This afternoon, I look forward to hearing the conversation on the effectiveness of the CRA, past, present, and future.