Following is the text of a speech Bank of Canada Deputy Governor Larry Schembri is delivering today in Quebec City. Footnotes have been removed.
A small plane crashed shortly after takeoff from the Quebec City airport today, killing all seven people on board, a spokeswoman for the airport said.
Quebec Finance Minister Carlos Leitao maintained a goal of balancing the budget next year, and said deficits this year and last will be larger than planned as revenue misses forecasts and spending climbs.
Suncor Energy Inc. and Valero Energy Corp. are poised to use only North American crude in eastern Canada by 2015, helping to displace overseas imports.
Quebec is once again looking north for growth and investment.