Our objective with these rate moves has been to keep the Canadian economy operating at its potential and inflation close to the 2 per cent target over the medium term. Policy interest rates in the United States, by comparison, have increased from 1 per cent to 5 per cent.
It remains a big part of the G20 agenda, with some important milestones to be passed this year. In Australia, our crisis experience was not as wrenching as for some other places. Our supervisory framework stood up to the test. Our key institutions proved to be robust and generally prudent behavior of our financial institutions stood us in good stead.