tiff macklem : opening statement before the standing senate committee on banking, commerce and the economy opening statement by mr tiff macklem, governor of the bank of canada, before the standing senate committee on banking, commerce and the economy, ottawa, ontario, 1 may 2024. * * * good afternoon. 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

“ let ’ s dance ” keynote speech frank elderson at the global capital sustainable & responsible markets forum 4 september 2018 at his keynote speech at the global capital sustainable & responsible markets forum, frank elderson shed his light on the ways central banks are contributing to the greening of the financial system. i understand you have already had a very interesting morning. you have discussed a broad spectrum of climate - related topics. from the plastic polluting our oceans, to the nitty - gritty of the eu ’ s sustainable finance taxonomy. it is a great pleasure to join today ’ s forum, which brings together market participants seeking solutions for greening their portfolios. but we are also here in a wider context, to support the sustainable development goals. it is a pleasure to be here in my capacity as chair of the ngfs. i noticed in the program a very small mistake. i don ’ t mean to be a nitpicker, but the acronym ngfs is explained there as ‘ the network on greening the financial system ’. i would like to be very precise here and highlight that we do not just aspire to be a network that merely speaks about a green economy … or shares opinions on this. we aim to provide added value, and to actively support the creation of green markets. more so, it is our ambition to facilitate that the entire financial system can become green. therefore, a network for greening the financial system. today you will get an insight into our work and progress. and i will describe how our activities fit within the broader context of international developments in this area. this should also give you, the private sector, a preview of what to expect in terms of regulation and supervision. i believe a stable and predictable regulator benefits everyone. but before i describe what we do and how we do it, let me first take you back to the why. role central banks i don ’ t need to tell you that we face a climate problem. you all know that at the end of 2015 the international community came together to sign the paris climate deal. it is clear we have to be greener. clearer still is that this must be a joint effort. globally. across all sectors and segments of society. it ’ s not just up to the end consumer to pick green energy over brown, or the utility company to provide green energy. or the bank to finance the green utility company. it needs a concerted effort from all parties. but bringing about a green transformation requires