Sixth, the transmission of monetary policy had to be safeguarded and any fragmentation-related developments needed to be avoided. Let us not forget what fragmentation did to our economies less than a decade ago. Seventh, our credibility had to be maintained. Monetary policy ought to neither overperform, nor underperform. In dealing with these challenges, history provides some, albeit not full, guidance.
•  This analysis provides a more granular interpretation of the export picture. Overall, we expect a gradual convergence between the growth rate of Canada’s exports and that of the U.S. economy. But this implies some of the wedge between exports and foreign demand will be very persistent.