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The Governor highlighted the global slowdown as the major economic challenge of the past year. But he said that there were also key changes within the Bank of Canada related to the implementation of monetary policy. In particular, he spoke of the success of the Bank's new system of eight fixed dates per year for announcing interest rate decisions. He also set out in detail the process that leads to those decisions.

The main economic concern of the past year was the slowdown that occurred not just here in Canada, but in most major economies. Compounding the economic concerns were the 11 September terrorist attacks in the United States.

The Bank of Canada today released its Update to the November Monetary Policy Report, in which it discusses economic and financial trends in the context of Canada's inflation-control strategy.

(English Version) Economic developments in Canada since the November Report, and the profile for growth outlined in the Update, suggest that the amount of slack in the economy through 2002 will likely be somewhat greater than assumed in November.

(Bilingual Version) Economic developments in Canada since the November Report, and the profile for growth outlined in the Update, suggest that the amount of slack in the economy through 2002 will likely be somewhat greater than assumed in November.