The financial storm served an important purpose. It set in motion policy reforms at both the individual-country level and the euro-area level that will help foster a stronger and more secure Europe, improving the welfare of its citizens and enhancing its position as a major player on the world stage. 8  BIS central bankers’ speeches
In it, we note that three major interrelated global developments are having a profound impact on the Canadian economy and making the outlook for growth and inflation more uncertain than it was at the time of the July Monetary Policy Report Update. First, the intensification of the global financial crisis has led to severe strains in financial markets.