David Dodge: Global economic developments and the implications for Ontario Remarks by Mr David Dodge, Governor of the Bank of Canada, to the Ontario Economic Summit, Niagara-on-the-Lake, Ontario, 7 October 2004. *  *  *  Good afternoon. I am glad to be here, and to participate in this very important summit.
salient feature of the economic environment in advanced economies has been the steady decline of short and long-term interest rates over several decades to the extremely low levels which currently prevail.1 Since 1980, long-term interest rates have declined by about 860 basis points in the United States, 790 basis points in Germany and more than 1,200 basis points in France.