In our view, the findings did not point to insurmountable problems, but instead identified areas for future supervisory focus. In that way, the QIS4 analysis was critical in enabling us to move forward. We were also pleased to see that general progress is being made toward developing more risk-sensitive capital measures.
The world economy was growing at just over 3 per cent, and the Canadian economy at just under 3 per cent. The national unemployment rate was 7.7 per cent. And inflation, at just over 2 per cent, was under control. Let's turn now to what has happened since 2002.