So those are five critical elements that I see as part of Ontario’s efforts to meet the challenges that lie ahead, and to take advantage of the opportunities presented by growing world markets. It is by no means a comprehensive list. There are many other important issues that I have not discussed.
First, the increasing independence of central banks made it more important to communicate with and be accountable to the public. Second, against a backdrop of liberalising financial markets, the effectiveness of monetary policy became more and more dependent on steering expectations of future interest rate policy.