and competition echoes similar concerns in the smartphone arena. 24 according to one banking trade organization, “ [ t ] his is a rich reward for a single hack, either of an aggregated database of personally identifiable information or of a single consumer ’ s multiple accounts, makes data aggregators an attractive target for criminals. [ hackers would ] obtain the key not to just a single room, but the key ring with keys to all the rooms. ” the clearing house, “ comment letter to bureau - 2016 - 0048 request for information regarding consumer access to financial records, ” february 21, 2017, http : / / files. consumerfinance. gov / f / documents / 112016 _ cfpb _ request _ for _ information _ regarding _ consumer _ acces s _ to _ financial _ records. pdf. see, e. g, “ personal capital terms of use ” ( last updated february 22, 2017 ), www. personalcapital. com / content / terms - of - use / ( last visited april 16, 2017 ). ( “ to the maximum extent permitted by applicable law, the liability of personal capital, its affiliates, licensors and agents to you shall not exceed one hundred u. s. dollars ( $ 100 ). ” ) further, personal capital requires that consumers submit to pre - dispute arbitration agreements and waive any rights to pursue relief in a class action proceeding as part of its terms of use. this would mean that if a data breach were to occur, each affected consumer would have to seek relief on his own, with a maximum possible recovery of $ 100. in addition, personal capital ’ s terms and conditions specify that the arbitrator can require that the consumer pay personal capital ’ s legal fees, if personal capital is to prevail. when the iphone first launched, for instance, one phone provider paid a premium for exclusive access to the smartphone. this meant that, for several years, consumers that wanted the iphone also had to enter relationships with the only internet service provider platform that offered the phone. see, e. g., saul hansell, “ why at & t wants - 12 - further, third - party developers argue that open standards for data access can help banks meet consumers ’ expectations for mobile banking by providing access to the fintech apps that best serve their needs. the relatively open architecture of the iphone platform means that apple profits from outside developers ’ products without having to design or invest in them directly. for instance

; a record - high employment - to - population ratio ; corporate profits at their highest level since early 2001 ; and, as i said a few moments ago, above - target trend inflation. while we continue to foresee growth somewhat below potential in the first half of this year, we expect increased demand in the second half of 2003 and into 2004, as global uncertainties diminish. but with an appropriate reduction in the amount of monetary stimulus, we see the level of output remaining close to capacity during this year and into 2004. so, in making our interest rate decision on 4 march, we weighed the following considerations : domestic inflation pressures, the expectation that canadian economic activity will remain near potential in 2003 despite geopolitical uncertainties, the stimulative stance of monetary policy, and improved conditions in capital markets. taking all of these factors into account, the bank raised its key policy rate by one - quarter of a percentage point to 3 per cent. even with this increase, the stance of monetary policy remains stimulative. thus, over time, further reductions in monetary stimulus will be required to return inflation to the target over the medium term. but, as we have said, the timing and pace of increases in policy interest rates will continue to depend on a number of considerations. these include the strength of demand pressures ; the evolution of inflation expectations ; the impact on confidence of geopolitical and global economic uncertainties ; and the way in which developments in the middle east affect demand and inflation, both globally and in canada. the bank will continue to closely monitor all of these factors. * * * * * * * * * * * * * * * * * * * * * * * let me conclude. at the beginning of my talk today, i noted that, for over a decade now, canada has followed a policy based on the four key principles : trade liberalization, structural reform, fiscal prudence, and inflation control. it's never easy to follow those principles, but, over the medium term, they do lead to better economic performance. canada's recent economic record is evidence of that. we have maintained an enviable growth performance through what has been a very difficult period for the world economy. we remain optimistic - and so do others - that we will continue to do so. both the oecd and the imf predict that canada's economy will outperform those of other g - 7 countries this year. but these are