The fact is we had been disappointed too many times in the past. As in all such debates, however, there was a risk that we were being too conservative and would be surprised on the upside as things unfolded. This would, of course, have been welcome, because it would have meant more exports for Canada.
Duisenberg: When I go to Bonn, and I will go, I will give the message to those who will listen there that we, as the central bank, are interested first and foremost in achieving our statutory aim, i.e. internal price BIS Review 3/1999  –5– stability. The exchange rate for the central bank is not an explicit aim.