that number has since grown to nearly 70. https : / / www. rba. gov. au / speeches / 2019 / sp - ag - 2019 - 05 - 16. html 3 / 8 5 / 16 / 2019 leaning in : towards better payment and clearing systems | speeches | rba graph 1 https : / / www. rba. gov. au / speeches / 2019 / sp - ag - 2019 - 05 - 16. html 4 / 8 5 / 16 / 2019 leaning in : towards better payment and clearing systems | speeches | rba graph 2 on a less positive note, we have been somewhat underwhelmed by the progress of some of the major banks. some of them have been much slower to provide their customers with fast payment services. the majors have all taken different approaches to which functionality they will provide and which customers to bring on first. this is their prerogative. we know they have a lot on their plates and they are in the best position to make decisions on what to prioritise. we also know that they have large and complex it systems. but with some big banks slow to complete npp related changes to their internal systems, there remain large numbers of customers that do not have a full range of convenient options for initiating fast payments even if their accounts can be reached by incoming fast payments. there is also more work to be done on increasing the number of accounts that are reachable using the npp. these gaps have made it very difficult for npp participants to market the new service to their customers. so the value of the npp to users is much lower than it could be if payment initiation and account reach were more progressed. that is, the positive network effects have been held back. in order to realise the full benefits of the npp, most financial institutions, particularly the larger ones, need to be involved in sending and receiving fast payments. there is still more to be done and nppa is keen to facilitate new applications that use the real - time, data - rich functionality. but industry should be aware that the regulator and the public in general will be expecting the payments industry to deliver on the promise of the npp. in light of concerns that had been raised by a number of stakeholders, the reserve bank, with assistance from the australian competition and consumer commission ( accc ), has recently undertaken a public consultation on https : / / www. rba. gov. au / speeches / 2019 / sp - ag - 2019 -

gordon thiesssen : the outlook for the canadian economy and the conduct of monetary policy remarks by mr gordon thiessen, governor of the bank of canada, to the calgary chamber of commerce, calgary, on 14 september 2000. * * * today, i would like to bring you up to date on the bank of canada ’ s views about the outlook for the canadian economy. prospects for the period ahead are generally very favourable. but, as is often the case, there are also uncertainties that the bank will have to deal with as it pursues its objective of keeping the economy on a sustainable, non - inflationary track. dealing with such uncertainties presents a constant challenge for the bank in its job of conducting monetary policy. another part of our job involves always looking at ways to enhance the effectiveness of policy - by reducing uncertainty about our actions, by increasing transparency and accountability, and by broadening public awareness of how monetary policy works. today, i want to outline some new procedures for announcing changes in official interest rates that we plan to introduce later this autumn. we believe that these procedures should help improve the effectiveness of monetary policy in canada. but first let me give you an update on the current economic situation. economic update the canadian economy has been expanding strongly for some time now, and particularly since mid - 1999. indeed, between mid - 1999 and mid - 2000, it grew by about 5¼ %. through much of that 12 - month period, economic growth outstripped expectations. in part, this can be attributed to the spillover of greater - than - anticipated demand from the united states. the rapid growth of the american economy has been confounding observers for quite some time now. and, as might be expected, buoyant us demand has been pressing against that economy ’ s capacity to produce. one safety valve that has helped to relieve the pressures on us capacity has been the inflow of goods and services from abroad. canada ’ s export industries have benefited greatly from this spillover of excess demand from the united states. not only have these exports contributed directly to the rapid economic expansion in canada, they have been a source of encouragement that has added to the surge in purchases of machinery and equipment by canadian businesses. and, of course, the recent gains in employment and incomes in the export sector have strengthened the momentum of spending by canadian households. together, buoyant exports, strong investment by domestic businesses, and robust household spending have led to a surprisingly strong demand