the interconnection between meaningful consumer protections and broad access to credit will ensure a more lasting and sustainable economic recovery. conclusion with that, i would like to come full circle and end with the importance of dialogue between the federal reserve banks and the regions they serve. this conference is an excellent example of the ways in which policy is shaped by your involvement. every day across all 12 federal reserve districts we leverage forums such as this, as well as partnerships with financial institutions and community groups, to better understand how financial products are shaping the communities that make up our vast economy. i want to commend you for taking the time to engage in thoughtful consideration of policies that will help alleviate the impact of the current housing and economic crisis on our neighborhoods. i also look forward to a continued discussion of the role that strong consumer protection must play in our economic future.

david dodge : policies for changing times remarks by mr david dodge, governor of the bank of canada, to the mexican business coordinating council, mexico city, 17 february 2004. * * * good morning. i am glad to have the opportunity to meet with business leaders in mexico today. i am also glad to have this opportunity to meet with our colleagues at the banco de mexico. our two central banks have had a long and fruitful relationship, one that includes swap facilities, joint research, and close consultations. i believe that public servants and business leaders in canada and mexico have a great deal in common and much to learn from one another. indeed, in many ways, canada and mexico are partners. we share common issues and challenges. we both share borders with the united states, the most important export market for each of us. both canada and mexico have recently faced setbacks in cross - border trade with the united states. these stem not only from weaker u. s. domestic demand, but also from specific trade problems and from border - crossing delays associated with tighter security. we have both been affected by the slowdown in the world economy and by global economic imbalances - although the impact of these factors appears to have been somewhat less in canada than in mexico over the past three years. and we are both working on the structural adjustments that are necessary to weather shocks and to thrive in a changing environment. today, i want to focus my remarks on canada ’ s adjustment to global economic changes. i will talk about our efforts to adjust to longer - term economic forces and about our challenges in this regard. and i will talk about some of the lessons that we have all learned during the past couple of decades. policy - makers in both canada and mexico have drawn on these lessons to improve our macroeconomic policy frameworks, and thus to better manage and adjust to change. i will conclude with some thoughts about how canada and mexico can continue to adjust to the economic changes that face us in the future. the most important lesson that we have all learned is that structural adjustments are key in adapting to change, and that macroeconomic policies have a role to play in making those adjustments with a minimum of economic and social disruption. past adjustments canada has experienced two periods in recent decades when significant economic adjustment was required. the first was during the 1970s, when we were hit by a rapid slowdown in productivity growth and by the effects of the oil crisis. policy - makers in canada used macroeconomic and microeconomic