First of all, monetary policy is a national policy, one that applies to the country as a whole. However, we do have regional offices that survey local businesses in the context of our analysis of the Canadian economy. So we use our offices as a direct source of information in the decision-making process. The differences are a factor in that world forces have an impact on the various regions—as can be seen clearly in terms of performance. However, ultimately, monetary policy is a national policy. We must therefore make decisions for the country as a whole.
On February 10th, 2009. See this statement in context.