The answer to this question hinges on whether the recent declines in participation have been due to cyclical or to more-permanent factors. Distinguishing very long-term or permanent changes in labor supply from cyclical movements is difficult, but some information can be brought to bear on this issue. First, demographic changes seem not to be an important explanation of the decline in the participation rate.
It was a challenging goal then, and it still is. But we’re getting there. We’re doing outstanding work in monetary policy; I’m very proud of the way we have continued to meet our inflation control targets. In the area of currency we’re producing new bank notes in the Canadian Journey series.