11  FIGURES  Figure 1  Yield spreads between 10-year government bonds (daily data; basis points) 350  350  300  300  250  250  200  200  150  150  100  100  50  50  0  0  Italy - Germany -50 Jan.-18  Italy - Spain  Italy - Portugal -50  Apr.-18  July-18  Oct.-18  Jan.-19  Apr.-19  July-19  Oct.-19  Source: Bank of Italy, based on Bloomberg data.
We live in an era of rapid change, and we operate in a global environment that is constantly shifting. Uncertainty, risks, and shocks are a constant feature of the economic landscape. For Canada, this is particularly relevant given how open our economy is to international trade and capital flows.