The extraordinary uncertainty introduced by the 11 September terrorist acts in the United States pushed the recovery further back, so that, even under a relatively optimistic scenario, our economy was expected to be operating at levels below capacity well into 2003. That is why, as of mid-September and through to the end of 2001, we stepped up the pace of interest rate reductions.
2  BIS Review 22/2002  As I said in my last speech in Paris earlier this month, more recently, there have been encouraging signs of a turnaround in the world economy, and the latest economic indicators for Canada show that a recovery is indeed underway. What should be the international policy response to common shocks?