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Poloz: Opening Statement before the House of Commons Standing Committee on Finance
Good morning, Mr. Chairman and committee members. Carolyn and I are happy to be here for one of our twice-yearly meetings on our Monetary Policy Report (MPR). Today we will outline for you the Bank’s latest economic outlook, published in our MPR on 15 April. In this volatile and uncertain environment, it is helpful to maintain a historical perspective. When we appeared before this committee a year ago, the price of Brent crude oil was at $100 per barrel. It had risen steadily for a decade, from $25 in 2002 to a peak of just over $110 in 2012. By November, when we last met with you, oil prices had fallen to what was ... (full story)