Rather, it must also succeed, especially in a fiscal union, in maintaining and strengthening the incentives for necessary economic reforms and fiscal consolidation. And this can also succeed if, as I have already mentioned, liability and control are brought back into line and a fiscal union is structured in a manner than is compatible with stability.
On the whole, the Federal Reserve’s planned exit from unconventional monetary policies is part of a good news story for Canada. It is a sign that a sustained U.S. expansion is well under way. A more sustained U.S. expansion – a stronger housing market and robust business investment – should help our non-energy exports, which remain below their prerecession level.