Conclusion A year ago, I wished this audience a much less interesting 2009. That wish was partly fulfilled in that 2009 was less “interesting” than 2008, though still not quite boring enough in my view. As 2009 draws to a close, things in the global financial system look much less worrying than they did a year ago.
The Update reviews economic and financial trends in the context of Canada's inflation-control strategy. The Canadian and world economies are evolving essentially in line with the Bank's expectations, and the outlook for growth and inflation in Canada is similar to that in the October MPR. Canada's economy continues to adjust to global developments and to the associated changes in relative prices.