andreas dombret : financial market regulation – standing still means falling behind speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the 2014 alternative investor conference of the federal association for alternative investments ( bundesverband alternative investments ), frankfurt am main, 14 may 2014. * * * introduction ladies and gentlemen thank you very much for inviting me to speak at this year ’ s alternative investor conference – i am delighted to be here today. my responsibilities at the bundesbank have actually changed slightly since i accepted your invitation. as you may know, the bundesbank appointed a new deputy president, professor claudia buch, yesterday, and the distribution of responsibilities within the executive board has now changed. after being the board member in charge of financial stability for four years, i was assigned responsibility for banking and financial supervision yesterday. ultimately, though, these two areas have the same overarching aim – they simply approach it from different angles. their objective is to maintain a stable financial system. and the business of achieving this aim has not got any easier over the past few years. our world – and, not least, our economy – is becoming more and more interconnected. and a global economy can ’ t function without a global financial system. this makes the financial system more important, yet it is ultimately still a means to an end – it is a service provider for the real economy. in this role, the financial system – or, more precisely, its stability – is a public good. as economists like to put it, there are external factors at play. if the financial system is thrown off balance, this also has a negative impact on those outside it – businesses in the real economy or taxpayers, to name two examples. that is why it is necessary to regulate the financial system in order to safeguard its stability. the need for regulation is beyond dispute : the question is not whether, but how we should regulate. of course, there are a number of different ways to approach the issue, but one thing is clear : regulation isn ’ t stationary. the financial system is in constant flux, and regulation has to keep pace with it. regulatory reform is usually triggered by a crisis – and the recent crisis is no exception. it set in motion a fundamental review and reform of financial market regulation. work on this reform began at a global level in 2008, and it is still underway. many important measures have been agreed, and some have already been implemented.

lynn patterson : economic progress report - sensible shifts in household spending remarks by ms lynn patterson, deputy governor of the bank of canada, to the hamilton chamber of commerce, hamilton, ontario, 7 march 2019. * * * introduction good afternoon. i ’ m happy to be here to give you an update on the canadian economy and discuss the decision we made yesterday to keep our key policy interest rate unchanged. this decision hinged on a number of factors. one was the slowing momentum in the global economy. it is increasingly clear that ongoing trade tensions and associated uncertainties are having an impact. i ’ m sure many of you here in hamilton can relate to that as you deal with the steel tariffs. another factor was the performance of the canadian economy in the fourth quarter of 2018. while we had been anticipating a slowdown, coming primarily from the oil sector, it was sharper and more broad - based than expected. this is despite strong employment and labour income growth and core measures of inflation that have continued to hover near 2 per cent. part of that sharper slowdown came from weakness in household spending in canada. that ’ s what i ’ d like to spend the bulk of my time talking about today. but first, let ’ s step back and take a look at how the economy evolved to this point over the past couple of years. as many of you may recall, 2017 was a very strong year — growth came in at 3 per cent, with notable contributions from investment, exports and household spending. the growth in household spending was supported by employment gains, which fed into a healthy rise in disposable income growth of 4½ per cent. income tax cuts and the canada child benefit provided a further boost to spending. and in an environment of steady house price appreciation and favourable conditions for borrowing, spending on housing continued to increase. with growth above potential, the slack in the economy diminished and inflation was approaching 2 per cent. so in mid - 2017, we began to move our policy rate. for 2018 as a whole, the economy grew by 1. 8 per cent. while this moderation in growth had been anticipated, it was shy of our forecast in the january monetary policy report ( mpr ). growth in 2018 was again broad - based, with solid contributions from exports, investment and household spending, the latter of which eased to a more realistic pace last year from the unsustainable rate in 2017. our forecast is that this easing in household spending will continue throughout