Like students who returned to school this month, I will follow this annual discipline today by (i) reviewing the extraordinary events of the past year; (ii) reflecting on the policy response and the current economic outlook; and (iii) reaffirming the Bank of Canada's commitment to price stability.
While this September brings signs of renewed growth around the globe, the recovery is in its earliest stages and almost entirely driven by public policy. Over the medium term, a difficult hand-off from public- to private-led growth must occur. Over the longer term, the economic environment will be challenging as the global economy undergoes a fundamental restructuring.