the main determinants – such as the behaviour of employment – will not be favourable, the high level of the household saving rate makes it conceivable that, if the factors of uncertainty were to progressively dispel, consumption might recover significantly. the main factor underpinning activity in 2010 should therefore be the external sector. the fact that the recovery in the spanish economy lags that in the other european countries somewhat may provide for more expansionary behaviour of exports, whose trajectory has been reasonably positive. foreseeably, then, a gradual growth phase based on recovery in the external sector and on the progressive extension of its impulses to business investment and employment will begin over the course of next year, laying the bases for a demand - led expansion. however, as a result of the spillover effect of the negative 2009 rates, average growth in 2010 might post a moderate decline. this trajectory of slow recovery in activity broadly matches the government ’ s macroeconomic projection that acts as a basis for the state budget for 2010. yet as i said, there is a risk that business investment may perform somewhat worse than foreseen in this scenario. but in my view, what is most important at present is not the exact date on which activity will begin to post a positive rate or whether its rate of increase will be greater or less than forecast in 2010 ; rather, it is the scale of the medium - term challenges involved in exiting the most complicated situation the spanish economy has faced in recent decades. to entrench the recovery will necessarily require absorbing large numbers of unemployed ; the reversal of unemployment ’ s harmful effects on confidence and public finances ; restoring health to the financial position of households and firms ; and, in sum, the restructuring of a growth model that was not sustainable, especially under the new conditions created by the international crisis. and, as i have reiterated on many occasions, to do this it will be vital to adopt ambitious measures and reforms. the economic policies pursued since the start of the crisis have focused, logically, on countering the contractionary forces at play, and the efforts deployed have contributed to lessening their impact. but now the slump phase has bottomed out and there are signs of a possible stabilisation, we must adopt an approach geared to absorbing the most negative effects of the crisis, such as the high level of unemployment and of the budget deficit, by addressing the structural problems of the spanish economy so as to restore its growth potential and to prevent the risk of

carolyn wilkins : canadian economic update – strength in diversity remarks by ms carolyn wilkins, senior deputy governor of the bank of canada, at the associates of the asper school of business, winnipeg, manitoba, 12 june 2017. * * * introduction i am very pleased to join you here in winnipeg. thank you to the associates of the asper school of business for the invitation. i was able to get out for a run this morning at the forks. it is a beautiful area, and i was struck by the impressive architecture of the canadian museum for human rights. i am looking forward to visiting it this week. the museum reminds us that all people are worthy of respect and dignity, regardless of their differences. the 150th anniversary of confederation of canada is the perfect opportunity to reflect on the strength that comes from diversity. just a couple of weeks ago, the bank of canada issued a commemorative bank note that celebrates the diversity of our nation builders and of our landscape. diversity comes in many forms, and today i will speak about economic diversity and the strength that comes from having multiple sources of growth. as you will remember, the canadian economy was hit hard by the collapse in oil prices in 2014. the adjustment to lower oil prices is now largely behind us, and we are looking for signs that the sources of growth are broadening across sectors and regions. as i will explain, the signs are encouraging. my colleagues and i spend a lot of time poring over data to see how the economy is evolving. data rarely tell the whole story, though, which is why we also spend a lot of time talking to people, firms, financial market participants, industry associations, labour groups and others. we do this through formal surveys on important economic issues and through outreach discussions. and, for years now, the bank has held one of its board of directors ’ meetings outside ottawa every year. in fact, there is a board meeting in winnipeg this week, and we will have an opportunity to exchange views with local business people and other community members. we are looking forward to these discussions because this province is a vibrant microcosm of the canadian economy. while manitoba has a number of unique dimensions — ranging from world - class ballet to worldclass winters — it shares almost the same structure as the overall canadian economy when it comes to sources of gross domestic product ( gdp ) ( chart 1 ). 1 / 8 bis central bankers'speeches manitoba ’ s diverse economy has been a source of strength over the past decade. its