Our job at the Bank of Canada is to get inflation all the way back to the 2% target. We are encouraged with the progress so far. And seeing inflation get down to 3% this summer will be welcome relief for Canadians. But let me assure Canadians that we know our job is not done until we restore price stability.
This year, the Bank forecasts inflation to be about 2 per cent. Although buffeted by the Information and Communications Technology sector shock in 2001 and the more uncertain international economic conditions in the recent past, the Irish economy has performed well. Economic growth (GNP) last year was 3.3 per cent, amongst the highest in developed economies, and employment has continued to perform strongly.