On March 8, Deputy Bank of Canada governor Timothy Lane gave a speech titled, “Canada’s Economic Expansion: A Progress Report.” To provide the required background, Canada had a mild recession a few years ago, caused by OPEC’s opening the production spigot which drove down oil prices. Most of Canada was moderately touched; the oil sands area, in contrast, was hit hard. The economy has rebounded; GDP grew at a 2.9% annual rate in the fourth quarter.