11-010-XIB
Canadian Economic Observer
February 2003

Canada

The coldest weather in four years descended on central Canada, sending power demand surging to record levels in Quebec and a nine-year high in Ontario, doubling the wholesale cost of electricity.

World

The IMF approved a $3 billion (US) standby credit arrangement for Argentina and extended by one year $3.8 billion in payments due during the first eight months of 2003.

The European Parliament approved a law allowing all European companies to adopt international accounting standards by 2005 and aimed at preventing the use of special-purpose accounting vehicles.

World oil prices hit a two-year high as production in Venezuela remained hampered by strikes and the rising risk of war with Iraq after the release of the United Nations weapons inspection report. These tensions also sent gold prices to a six-year high.

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