13 The MPC includes two external members to add to the Committee’s diversity of backgrounds and views. These external members provide a ‘reality check’ on the Bank’s thinking, and subject us to valuable independent scrutiny.
Consistent with this profile for solid U.S. and global economic growth and with the expectations of financial markets, we continue to assume some upward movement in global policy interest rates to moderate inflation pressures as output levels approach production capacity. Canada’s economic prospects Let me now turn to Canada, beginning with a quick recap of the first half of 2004.