As for the near-term outlook, there are also a number of positive elements in the picture. Economic activity in the United States, our main customer, remains high. And here in Canada, the latest indicators suggest continued expansion in consumer spending and business investment, supported by higher employment and low medium- and long-term interest rates.
Second, while discussing independence of central banks how do we capture the de facto elements as distinct from the de jure elements? While it is true that the distinction is specific to the overall governance in public sector in each country, there may be an explanation for divergences between the two that may either reinforce or undermine the credibility of communication.