mark carney : bank of canada ’ s economic overview and monetary policy stance opening statement by mr mark carney, governor of the bank of canada, at the house of commons standing committee on finance, ottawa, 27 october 2009. * * * good morning, mr. chairman and committee members. paul and i are pleased to appear before this committee today to discuss the bank of canada's views on the economy and our monetary policy stance. while conditions in the canadian economy have improved since we met with you in february and april, many of the basic challenges remain. before paul and i take your questions, i would like to give you some of the highlights from our latest monetary policy report, released last week. • recent indicators point to the start of a global recovery. economic and financial developments have been somewhat more favourable than the bank had expected in july, although significant fragilities remain. • in canada, as expected, a recovery in economic activity is also under way, following three consecutive quarters of sharp contraction. this resumption of growth is supported by monetary and fiscal stimulus, increased household wealth, improving financial conditions, higher commodity prices, and stronger business and consumer confidence. • however, heightened volatility and persistent strength in the canadian dollar are working to slow growth and subdue inflation pressures. the current strength in the dollar is expected, over time, to more than fully offset the favourable developments since july. • given all these factors, the bank now projects that, relative to our july monetary policy report, the composition of aggregate demand will shift further towards final domestic demand and away from net exports. • we now expect growth to average slightly lower over the balance of the projection period. the bank projects that the canadian economy will contract by 2. 4 per cent this year and then grow by 3. 0 per cent in 2010 and 3. 3 per cent in 2011. this projected recovery will be somewhat more modest than the average of previous cycles. • total cpi inflation declined to a trough of - 0. 9 per cent in the third quarter, reflecting large year - on - year drops in energy prices. • total cpi inflation should rise to 1. 0 per cent this quarter, while the core rate of inflation is projected to reach its trough of 1. 4 per cent during the same period. • owing to the substantial excess supply that has emerged in the economy, the bank expects both core and total inflation to return to the 2 per cent target in the third quarter of 2011, one quarter

ardian fullani : overview of albania ’ s latest monetary and economic developments and outlook speech by mr ardian fullani, governor of the bank of albania, on the monetary policy decision of the bank of albania ’ s supervisory council, tirana, 27 march 2014. * * * today, on 27 march 2013, the supervisory council of the bank of albania reviewed and approved the monthly monetary policy report. given albania ’ s latest monetary and economic developments and discussions on their outlook, the supervisory council of the bank of albania decided to keep the key interest rate unchanged, at 2. 75 %. the council deems that inflationary pressures on the economy remain subdued. under these circumstances, the monetary policy will continue to be stimulating in the period ahead to provide the necessary conditions for compliance with our inflation target in the medium run. let me now proceed with an overview of economic developments and key issues discussed at today ’ s meeting. * * * annual inflation stood at 1. 9 % in february, slightly up from a month earlier. the increase resulted from higher prices of agricultural products, tariffs of potable water in some regions of the country, and vehicle insurance premiums. prices of other items of the consumer basket are stable and their inflation is low. new information obtained during the last month is limited. it does not alter our assessment that the overall economic and financial setting is characterised by low inflationary pressures. our projections have remained overall unchanged, but near - term downside risks are assessed as high. reflecting the weakness in aggregate demand, the output gap remains negative and the albanian economy is still characterised by incomplete utilisation of production capacities. the lower economic growth and poor performance of the employment index have led to weaker pressures on increasing wages and production costs. also, the sluggish aggregate demand keeps profit margins low. weak pressures from production costs and downward inflation expectations were the main drivers lowering core and headline inflation rates. in parallel, imported inflation was contained due to low inflation rates internationally and the exchange rate stability. this situation is expected to continue in the quarters ahead. the macroeconomic analysis, updated with information for the first two months of the year, suggests low economic growth during this period. private investments and consumption remained weak because of the low confidence of economic agents, slowdown of disposable income, tight lending terms, and presence of spare production capacities. trade deficit expanded 3. 6 % in january, primarily as a result of declining exports, in contrast to a month earlier, when it