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A joint meeting of The Empire Club of Canada and The Canadian Club of Toronto. A survey with regard to monetary policy developments and their contribution to the Canadian economy. The external value of the Canadian dollar. The perspective of the Bank of Canada. Canada's increased opportunity to enjoy good economic performance. Major progresses in monetary policy over the last several years. The importance of this progress. A monetary policy aimed at encouraging price stability. Factors involved in a monetary policy. The distinction between the objectives of monetary policy and monetary conditions. The indicators of economic activity: what they say. An examination of Canada's current and previous situation with regard to monetary policy, and the factors that have influenced it. Interest rates and the role they play. The state of inflation. Specifics with regard to the exchange rate, how it is calculated, and how to measure the exchange value of the Canadian dollar. Some conclusions about monetary policy and its contribution to good economic performance.