tarisa watanagase : strengthening the banking and financial sector – what needs to be done? speech by dr tarisa watanagase, governor of the bank of thailand, at finance thailand, a seminar organised by the banker magazine and financial times business, bangkok, 22 february 2010. * * * ladies and gentlemen, first of all, i would like to thank the banker magazine and the financial times for the invitation. it is an honour, and indeed an opportunity, to join all of you here at this conference, and to share with you my thoughts at this very challenging juncture, not only for the global economy and financial system, but also at an important stage for development of thailand ’ s economic and financial sector. the past three years have been one of the most turbulent periods in global economic development. on the global economy front, despite the signs of green shoots in the global economy, we are constantly reminded of the remaining fragility and vulnerability of such recovery in various hot spots around the world, with emerging new paradigm of risk, namely sovereign risk. for the global financial system, risk and challenges remain abound. the key challenge strikes at the heart of the global financial system – regaining trust. trust in market mechanism, as well as its regulator, has been severely tested. the task of setting a right balance in regulation, going forward, is still a global debate, in which the bank of thailand is closely engaged in our role in various working groups of the basel committee for banking supervision. on the one hand, it is critical that the global financial system reestablishes such trust, and ensures stability, integrity, and fair consumer treatment. on the other hand, the crisis has highlighted the complexity of the financial system, and the globalness of financial contagion. thus, there is a critical need for the authorities and the financial market to work together to ensure that the emerging global standards and regulations can handle such complexity, and remain risk - focused at the economic and financial system, both in the national and global contexts. it is also important to avoid introducing distortion and risk of regulatory arbitrage between financial markets, products, and strategies, and most importantly, arbitrage between countries. thus, the strong impetus on supervisory coordination, cross - border risk and coordination, as well as macro - prudential aspects are the new challenges. turning to the situation in thailand, thus far, despite some set - back in terms of economic contraction in the past year

tiff macklem : release of the monetary policy report opening statement by mr tiff macklem, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, ontario, 15 july 2020. * * * good morning. senior deputy governor wilkins and i are pleased to be with you to answer your questions about today ’ s policy announcement and monetary policy report ( mpr ). the covid - 19 pandemic has caused an unprecedented fall in economic activity in canada, and the recovery will require considerable monetary policy support. our overriding message to canadians is that the bank will be there to provide monetary stimulus for an extended period to support the recovery and return inflation to its 2 percent target. before i turn to your questions, let me say a few words about the key points of the governing council ’ s deliberations. the coronavirus continued to dominate our discussions. the pandemic is a human tragedy and an economic calamity that is taking lives and livelihoods. in the first half of the year, the global economy faced its biggest decline since the great depression. as measures to contain the virus are lifted in many places, economic activity is starting to pick up. however, as we are seeing in the united states, flare - ups of the virus can mean the reimposition of containment measures, impeding the recovery. we are facing many uncertainties, the biggest of which is the unknowable course of the virus itself. as a result, we cannot forecast with the usual degree of accuracy in our economic projections. recognizing this, we decided to present a central economic scenario. the central scenario tries to balance the likelihood of better and worse outcomes, but it is highly conditional on our assumptions about the virus. in particular, we assume there will not be a broad - based second wave here in canada and that most containment measures are lifted gradually. we also assume that the pandemic will have largely run its course by the middle of 2022, because either a vaccine or an effective treatment is widely available by then. our policy discussions were guided by this scenario, while recognizing the extreme uncertainty around these assumptions. in the central scenario, the canadian economy shrinks by almost 8 percent this year, then grows by just over 5 percent in 2021 and almost 4 percent in 2022. now, let me give you some context. recent monthly data — particularly on employment, motor vehicle sales and housing — suggest that the canadian economy hit