6  For more information on the model and the critical assumptions embedded in the scenarios, see C. de Resende, C. Godbout, R. Lalonde, É. Morin and N. Perevalov, “On the Adjustment of the Global Economy,” Bank of Canada Review (Spring) 2012.
BIS central bankers’ speeches  3  important structural reforms and a shift toward more flexible exchange rate regimes in some EMEs are omitted. The different growth trajectories implied by the three scenarios are evident in the results shown in Chart 7.