Both of these events have had significant implications for the economies of North America. In the case of the Asian crisis, we saw a marked slowdown in global economic growth, which resulted in a sharp decline in the prices for many of Canada's primary commodities.
Carolyn discussed this in an important speech last month; there is also a discussion paper about it, and a box in this MPR. The neutral rate, too, is uncertain. We estimate that it now lies between 3 and 4 per cent, which is well below pre-crisis levels.