It would also depend on the progress the Canadian economy has made in its own adjustment to the drop in commodity prices that we’ve seen in the past two years. Canadian financial institutions have the capital and liquidity in place to handle adverse shocks like this.
Notwithstanding these benefits, regional groupings in Africa have tended to give less emphasis to monetary integration. Under the AMCP, the Eastern Africa sub-region Central Banks evaluate each other annually to ensure convergence in policies as we pursue further monetary integration. This meeting, Hon.