News

The theme of this event is "Policy Coordination in an Integrated Global Economy." It seems as if the idea of policy coordination is making a comeback these days.

The Canadian economy is well placed to adjust to the major changes underway in the world economy, Bank of Canada Governor David Dodge said today. While Canada has adopted the right policies to allow its economy to adjust to changing forces, it should continue its efforts to prepare for new opportunities and challenges, the Governor said.

The same is true of the Canadian economy, which must always adjust to changing domestic and world circumstances. During 2003 and so far this year, some of those adjustments may have felt more like overhauls, particularly for some manufacturing firms here in Ontario.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2 1/4 per cent.

As you know, many institutions, both governmental and private, are currently concerned about governance structures, accountability and rules of behaviour.