Speeches
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11 December 2006 Improving Financial System Efficiency: The Need for Action
The FSR reports on developments and trends in financial systems here and abroad, summarizes recent research by Bank staff on financial sector policies, and promotes discussion of how to strengthen our financial system. In short, the goal of the FSR is to improve financial system efficiency and stability. -
8 November 2006 The Canadian Economy and Financial Markets in Perspective
The hedge fund industry has been growing so quickly that meetings like this one are welcome—they provide a chance to step back and look at context and trends. And that's what I propose to do this morning. Specifically, I'd like to speak about volatility in both the real economy and in financial markets and discuss how it has been affected by monetary policy and financial innovation. -
6 November 2006 Prospering in Today's Global Economy: Challenges for Open Economies such as Australia and Canada
As major producers of commodities, both Canada and Australia rely heavily on international trade for our economic expansion, and we each rely extensively on global capital markets. So, what I would like to talk about first is how we see the global and Canadian economies unfolding and what we might expect to see in the future. Following that, I'll also talk about some of the policies that can best help countries like ours to deal with the challenges of today's global economy, looking at this from both a domestic and an international perspective. -
25 October 2006 Opening Statement before the Senate Banking, Trade and Commerce Committee
Things have changed somewhat since then. While global economic growth is expected to be a little higher than anticipated last spring, a weaker near-term outlook for the U.S. economy has curbed the near-term prospects for Canadian exports and growth. -
25 October 2006 The Global Economic Landscape and the Implications for Ontario
How can we develop human capital to its fullest potential, and retain that capital? How can we foster research, innovation, and commercialization in this province? How can we improve Ontario's competitiveness in the global marketplace? -
19 October 2006 Opening Statement before the House of Commons Standing Committee on Finance
In our latest Monetary Policy Report, which we released this morning, we judge that the Canadian economy is currently operating just above capacity. While global economic growth is expected to be a little higher than previously anticipated, a weaker near-term outlook for the U.S. economy has curbed the near-term prospects for Canadian exports and growth. -
19 October 2006 Release of the Monetary Policy Report
The Canadian economy is judged to be operating just above its production capacity. While global economic growth is expected to be a little higher than previously anticipated, a weaker near-term outlook for the U.S. economy has curbed the near-term prospects for Canadian exports and growth. -
13 September 2006 Weathering Economic Shocks: The Importance of Flexibility
First, I should explain what I mean by flexibility. As most of you are surely aware, the Bank of Canada has been openly discussing the importance of promoting policies that support economic efficiency, including financial system efficiency. Efficiency refers to the allocation of scarce economic resources to the most productive uses, in a cost-effective way. -
28 August 2006 Productivity, Terms of Trade, and Economic Adjustment
The Bank of Canada is keenly interested in productivity - for a number of reasons. Productivity gains are a key determinant of growth in potential output and, hence, of Canada's sustainable pace of non-inflationary economic expansion. -
20 July 2006 The Right Policies for Today's Global Economy
Canada and Brazil both rely on international trade and foreign investment for economic growth, and both are major producers of commodities. Because we share these attributes, we also share a keen interest in the health of the global economy.