institutions. 3 / 5 bis - central bankers'speeches while we continue to make progress domestically to strengthen the resilience of our financial institutions and the broader financial system, this too is no longer sufficient. in an increasingly interconnected financial world, cross - border cooperation between different resolution and regulatory authorities has become paramount to manage the potential challenges that global and regional operations can pose to recovery and resolution. authorities in malaysia remain committed to strengthening the operation of supervisory colleges and crisis management groups which play a key role in bringing together relevant competent authorities from different jurisdictions to enhance coordination. importantly, these forums serve to foster trust and confidence among authorities through personal relationships that are cultivated and solidified in peace times. the importance of these relationships in helping to significantly reduce uncertainty surrounding national - level responses during crisis times cannot be overstated. indeed, these factors are often decisive determinants of successful cross - border resolutions. because of this, they have also helped to encourage group recovery and resolution strategies that are more aligned with optimal resource allocations across operating entities. an unfinished agenda the recovery and resolution agenda is an unfinished one, but one we cannot afford to neglect only to find the umbrella doesn't work when we need it to. to this end, bnm, working closely with pidm, will continue to examine a range of issues – including the changing nature and speed of interactions between liquidity and solvency, as well as the practical operation of contractual bail - ins and blanket deposit guarantees to safeguard financial stability. while authorities in other jurisdictions have deployed these tools to varying effects in bank resolutions, their use comes with a unique set of challenges and considerations. in malaysia, a substantial share of loss - absorbing capital of domestic banks is held by pension and retail investment funds. consequently, the conversion or write - down of these instruments could have large negative spillovers for the economy. this significantly complicates their utility as a loss - absorbing tool in bank resolutions. in navigating the road ahead, it will therefore remain important to preserve an appropriate degree of flexibility within the recovery and resolution regime. this is necessary to allow authorities to respond to exceptional circumstances to contain large negative spillovers, without materially weakening incentives for institutions and markets to rein in imprudent risk - taking. this national resolution symposium presents a valuable opportunity to engage in these vital discussions. conclusion with that, it leaves me only to thank rafiz and his team for the exceptional support and cooperation extended to bnm in advancing the recovery and resolution planning

gordon thiessen : the economic situation in canada and the prospects for inflation opening statement by mr gordon thiessen, governor of the bank of canada, before the house of commons standing committee on finance, ottawa, on 16 may 2000. * * * mr chairman, and members of the committee : it is always a pleasure to appear before you. since other parliamentary business precluded my appearance before you last fall, i especially welcome this opportunity to discuss the economic situation in canada and the prospects for inflation. last week, we released our 11th monetary policy report. since our november report, the canadian economy has outperformed expectations. bolstered by vigorous external and domestic demand, canada ’ s economic expansion strengthened in the second half of 1999 and into early 2000. the buoyant us economic picture, combined with canada ’ s high levels of business investment and solid employment gains, augurs well for continued strong growth in canada. given the strong momentum of demand, the bank of canada has raised its projection for growth in 2000 to a range of 4 to 4. 5 %. the trend of inflation in canada over the past six months has been lower than expected and is among the lowest in the industrial countries. nevertheless, pressures on capacity will likely intensify through the year. consequently, we expect the trend of inflation, as measured by the consumer price index excluding food, energy, and indirect taxes, to rise gradually to close to the middle of our 1 to 3 % inflation - control target range. to keep this core rate of inflation steady near 2 %, some deceleration in economic expansion or a more rapid increase in productivity and production capacity will be required during 2001. when it comes to the production capacity of the economy, there is currently even more uncertainty than usual. the lower - than - expected rate of core inflation would suggest that conventional measures may be underestimating the economy ’ s capacity to produce goods and services without adding to inflationary pressures. while the conditions that would permit an increase in productivity growth and in capacity have improved substantially in recent years, there has so far been no significant hard evidence of such an increase. this makes judging the balance between aggregate demand and supply in the economy an even greater challenge than usual for monetary policy. the other main risks to canada ’ s economic outlook include the possibility that the momentum of aggregate demand from the us economy will continue to be stronger than expected and the likelihood of a buildup of inflationary pressures in the united states spilling over into