This could be simulated through increases in government bond spreads of different euro area countries, which in turn would have adverse effects on the general macroeconomic outlook, resulting in a decline in GDP compared with a baseline scenario. This translation of shocks to macro-financial scenarios is done using a variety of tools, ranging from in-house large-scale macro models to smaller time-series models.
Paul and I are pleased to be here with you today to discuss the April Monetary Policy Report, which we published this morning. •  These are difficult economic times with the Canadian economy being buffeted by an intense and synchronized global recession. In recent months, that global recession has been exacerbated by delays in implementing measures to restore financial stability around the world.