A third topic on the G20 agenda that I would like to touch upon is the discussion on reforming the international monetary system. This is a very multifaceted topic ranging from the treatment of capital flows, the appropriate level of foreign reserves and the strengthening of IMF surveillance to the future role of the International Monetary Fund.
This new retailing strategy, as well as Walmart’s pricing, has increased the competitive pressures on traditional retailers. In addition, Target and a number of other American retailers have recently entered, or are planning to enter, the Canadian marketplace.15 So far, despite the significant pressure on prices, retail profit margins are holding up, reflecting improved productivity in the sector (Chart 14).