But as housing markets stabilize, I would expect overall economic performance to strengthen from the levels indicated by preliminary estimates of gross domestic product in the third quarter to a pace more consistent with the economy's long-term trend growth rate. Inflation, though down somewhat from its level earlier this year, remains uncomfortably elevated.
The CBB is also focusing much attention on upgrading and enhancing regulations governing capital markets, which are central to the functioning of a modern, sophisticated financial centre. The recent volatility in international stock markets underscores the need for transparency which the CBB has achieved through enhanced disclosure standards introduced as of the start of this year.