2/4  BIS central bankers' speeches  While the combined effects of fiscal and monetary policy have aided the solid recovery of the labor market so far, there is still a long way to go. Payrolls have now recovered roughly half of the 22 million decline.
I would highlight three in particular: •  first, our low-inflation record and the Bank of Canada’s commitment to keeping inflation low;  1  BIS Review 100/1999  •  second, the virtual elimination of government deficits and the beginning of a downward trend in the high level of public debt to the size of our economy (as measured by the ratio of public debt to GDP);  •  third, the major restructuring of Canadian businesses during the 1990s in response to stronger global competition and to technological change.