notes break new ground. the “ frontiers ” theme is also reflected in the images chosen to grace these notes. each denomination represents the best of canada : scientific discovery on the $ 100 note, arctic research on the $ 50 and valour and sacrifice on the $ 20. the bank notes we unveil today continue this tradition. the $ 10 note depicts a great feat of engineering from canada ’ s past – the joining of east and west by rail. the $ 5 note highlights canada ’ s technological achievements that look skyward – our contributions to the international space program. as governor of the bank of canada, i join all my colleagues to express our pride in these new bank notes, also a product of great technological innovation. they are the impressive result of teamwork and dedication by chemists, physicists, researchers, artists and analysts. this kind of synergy, which is at the heart of excellence, has been a hallmark of our nation throughout its history. bis central bankers ’ speeches

gauge the strength of the economy as it approaches its capacity to produce and to reduce the amount of monetary stimulus in place in a timely and measured manner. what do we mean by those terms? " timely " relates to the fact that there is always a lag between our policy actions and their effect on the economy. we must be timely because our actions take a year to 18 months to have their full effect on output, and 18 months to 2 years to have their full effect on inflation. " measured " relates to the judgments that we will make as we approach full capacity. if the economic data going forward tell us that we are taking up excess capacity more quickly than expected, we would have to reduce monetary stimulus more quickly. but if the data suggest that the return to full capacity is going more slowly than we thought, we would then need to move more slowly. there are still important risks and uncertainties in the outlook. some are working on the upside and others on the downside. given the amount of monetary and fiscal stimulus in the economy, output growth could be even stronger than projected. but it is also possible that some of the recent strength in spending on consumer durables may have been borrowed from the future, so that the growth of household expenditures may be weaker than expected. at the same time, there is still considerable uncertainty about the timing and strength of the pickup in business investment in north america, mainly because of the continued weakness in profits. moreover, recent developments in the middle east could have implications for crude oil prices and the global economy. the canadian and u. s. situations on 16 april, canada became the first g - 7 country to raise interest rates following the most recent economic slowdown. central banks should always tailor their monetary policies to their own circumstances. and while canada faces many of the same risks as the united states, there are some differences in our situations that are worth noting. although the first - quarter national accounts data are not yet out in canada, we expect that final demand has made up a larger share of canada's growth in the first quarter, while the contribution to growth from inventories constituted a smaller share than in the united states. it is always difficult to measure excess capacity with precision. however, it is clear that the canadian economy is now nearer its level of potential than we expected it to be just a few months ago. the key issue facing both the u. s. and canadian economies is business investment — when it will resume and how strong that