Interestingly, sometimes the theoretical arguments and empirical findings point in opposite directions: Some have argued that increasing global competition will tend to impinge on domestic monopolistic structures and reduce economic distortions. 8 Furthermore, the slope of the short-term Phillips-curve would increase in the short run as national economies would become more flexible.
There are several reasons why we hold these meetings outside Ottawa, but perhaps the most important is that it gives us the opportunity to meet with, and to listen to, business and labour leaders from various parts of the country. I certainly hope that we will have time for a good discussion following my remarks.