to build a liberal economic order and framework for freer trade. but it's difficult to discuss problems and find solutions if key players don't feel that they are adequately represented. there is a crucial need to build an international financial institution that is seen as meeting the needs of all members. a good start would be to re - examine the representation of asian and other emerging - market economies, and the implications for their quotas and voting power on the imf's board. a larger stake by asian members in the imf also implies greater responsibility on their part for the success of the fund as guardian of the international monetary and financial systems. indeed, by taking greater responsibility, asian nations would affirm their commitment to the fund's important objectives. moreover, by being able to draw more on the strengths of the asian economies, the imf would be in a better position to do its job properly. conclusion i truly hope that such an institution - one that makes progress in these four areas - will emerge from the strategic review of the imf that is currently underway. the creation of a global institution for the twenty - first century is tremendously important, not just for canada, but for all nations. if we can get it right, a more effective imf would be helpful in the worldwide effort to resolve global imbalances in an orderly way. but a global institution can't do it all by itself. policy - makers around the world need to make sure that they are part of the solution and not part of the problem. all countries must recognize that it is doubly important to pursue the sound domestic policies that i mentioned - the promotion of flexible markets, the creation and maintenance of a sound financial system, and the pursuit of sound fiscal and monetary policies. clearly, following these policies is in each country's own domestic interest. but the benefits would flow beyond national borders. if we all follow appropriate policies, then market mechanisms can defuse the danger posed by global imbalances. and that is an outcome that is in everyone's interest.

tiff macklem : opening statement before the house of commons standing committee on finance opening statement by mr tiff macklem, governor of the bank of canada, before the house of commons standing committee on finance, ottawa, ontario, 2 may 2024. * * * good morning. i'm pleased to be here with senior deputy governor carolyn rogers to discuss our recent policy announcement and the bank of canada's monetary policy report. in april, we maintained our policy interest rate at 5 % and published a revised outlook for the canadian economy. we had three key messages. first, monetary policy is working. total consumer price index ( cpi ) and core inflation have eased further in recent months, and we expect inflation to continue to move closer to the 2 % target this year. second, growth in the economy looks to be picking up. we expect gdp growth to be solid this year and to strengthen further in 2025. third, as we consider how much longer to hold the policy rate at the current level, we're looking for evidence that the recent further easing in underlying inflation will be sustained. before taking your questions, let me take a moment to discuss recent economic data and the outlook for growth and inflation. in canada, growth stalled in the second half of last year and the economy moved into excess supply. the labour market also cooled from very overheated levels. with employment growing more slowly than the working - age population, the unemployment rate has risen gradually over the last year to 6. 1 % in march. there are also some signs that wage pressures are beginning to ease. economic growth is forecast to strengthen in 2024. strong population growth is increasing consumer demand as well as the supply of workers, and spending by households is forecast to recover through the year. spending by governments also contributes to growth, and us strength supports canadian exports. overall, we forecast gdp growth in canada of 1. 5 % this year and about 2 % in 2025 and 2026. the strengthening economy will gradually absorb excess supply through 2025 and into 2026. cpi inflation was 2. 9 % in march, and price increases are now slowing across most major categories. however, shelter cost inflation is still very high and remains the biggest contribution to overall inflation. 1 / 2 bis - central bankers'speeches looking ahead, we expect core inflation to continue to ease gradually. the more timely three - month rates of core inflation are well below the 12 - month rates, suggesting some downward momentum. but with