By raising interest rates in view of the developments that I just described, it was aimed to contribute to ensuring that the cyclical upswing currently under way in the euro area will be both strong and sustainable, because it will occur in an environment of price stability over the medium term.
In all, the Canadian dollar has floated for 42 out of the past 50 years. No other major country has had as much experience with a floating exchange rate. This does not mean that our floating exchange rate regime has somehow outlasted all its critics!