In addition, the Federal Reserve participates in a number of important international groups, such as the Financial Stability Forum, the Basel Committee on Banking Supervision, the Committee on the Global Financial System, and the Committee on Payments and Settlement Systems, to name just a few. Indeed, in today's tightly integrated international financial markets, fostering financial stability requires a global perspective.
In our January 2006 Monetary Policy Report Update, we concluded that the Canadian economy was operating at its production capacity and we projected that it would grow roughly in line with capacity through 2007.