And, that after monetary union, it was unlikely that the common  3  In 1991, Sweden’s economy contracted by –1.0%, in 1992 by –1.2, and in 1993 by over –2%. For the remainder of the 1990s it grew by an average of nearly 4% per year. The average annual growth rate slowed to about 2.75% in the 2000s, prior to the crisis.
The inventory adjustment is progressing. And with early evidence of a revival in the U.S. economy, the world prices of non-energy commodities appear to have bottomed out. These signs of a pickup in economic activity in Canada are encouraging. But the recent movements in the Canada–U.S.