future, we have no other. ” europe belongs to frankfurt like almost no other city, apart from brussels and strasbourg. the euro sculpture has taken its place alongside the ecb, the ssm, eiopa and also the bundesbank as an expression of this belonging. thanks to your support, the sculpture is now shining again in due splendour. i personally wish to thank all of you very sincerely – and i firmly believe that, in expressing my gratitude, i also speak for many of frankfurt ’ s residents as well as its innumerable international visitors. it remains to be hoped that europe, too, will shine in future with the same lustre as the restored euro sculpture. let us all do what we can to achieve this goal going forward. thank you very much. bis central bankers ’ speeches

mark carney : summary of the latest monetary policy report opening statement by mr mark carney, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, 13 april 2011. * * * good morning. tiff and i are pleased to be here with you today to discuss the april monetary policy report, which the bank published this morning. as anticipated in january, the global economic recovery is becoming more firmly entrenched and is expected to continue at a steady pace. in the united states, growth is solidifying, although consolidation of household and, ultimately, government balance sheets will limit the pace of the expansion. european growth has strengthened, despite ongoing sovereign debt and banking challenges in the periphery. the disasters that struck japan in march will severely affect its economic activity in the first half of this year. the resulting disruptions to global supply chains are projected to reduce the growth in the canadian economy in this quarter by about half of a percentage point, with that lost activity likely to be recovered in subsequent quarters. robust demand from emerging - market economies is driving the underlying strength in commodity prices, which is being further reinforced by supply shocks arising from recent geopolitical events. these price increases, combined with persistent excess demand conditions in major emes, are contributing to broader global inflationary pressures. despite the significant challenges that weigh on the global outlook, financial conditions remain very stimulative and investors have become noticeably less risk averse. in canada, recent economic activity has been stronger than anticipated, although the profile is largely consistent with the underlying dynamics outlined in january. aggregate demand is rebalancing toward business investment and net exports, and away from government and household expenditures. as in january, the bank expects business investment to continue to rise rapidly and the growth of consumer spending to evolve broadly in line with that of personal disposable income, although higher terms of trade and wealth are likely to support a slightly stronger profile for household expenditures than previously projected. in contrast, the improvement in net exports is expected to be further restrained by ongoing competitiveness challenges, including headwinds from the persistent strength in the canadian dollar. overall, the bank projects that the economy will expand by 2. 9 per cent in 2011 and 2. 6 per cent in 2012. growth in 2013 is expected to equal that of potential output, at 2. 1 per cent. the bank expects that the economy will return to capacity in the middle of 2012, two quarters earlier than