However, as the minutes showed, the central bank is confident that «the
recovery has now moved into an expansionary
phase» with growth picking up and inflation forecasts indicating a return to pre-crisis levels in the
short - term.
Mr. Flaherty rejected demands for new stimulus in the
short term, arguing that «to secure the
recovery in an uncertain world» the government should «stay the course» and implement
Phase II of the Canada's Economic Action Plan, as set out in the 2011 Budget.