sheryl kennedy : real estate, mortgage markets, and monetary policy remarks by ms sheryl kennedy, deputy governor of the bank of canada, to the investment industry association of canada, banff, alberta, 23 june 2008. * * * good afternoon. it's great to be in banff – today especially. on this day in 1887, parliament enacted the rocky mountains park act, which established banff as canada's first national park. happy birthday, banff national park! i am delighted to be at this iiac conference. just as parks and conservation are vital for our, and our children's environmental and spiritual well - being, sound investment is vital for our long - term economic and financial well - being. for many canadians, one of the most important investments they'll make is the purchase of a house. and for you as financial market professionals, the links between the housing market and financial markets have important consequences. today, i'd like to speak about housing and how it interacts with the economy, financial markets, and monetary policy. over the past 10 years, the canadian housing market has exhibited a good deal of strength. demand, supply, and prices have increased [ chart : housing activity in canada : 1998 - 2008 ]. but while the canadian real estate market does not currently exhibit the generalized signs of excess we see in some other countries, 1 we cannot afford to be complacent. after a fairly substantial run - up, real house prices have declined in the united states, the united kingdom, and spain, and canadians would be wise to remember that house prices can fall as well as rise [ chart : changes in real house prices in the u. s., the u. k. and spain ]. it wasn't that long ago – in the late 1980s and early 1990s, to be exact – that canada experienced its own real estate boom and bust. it took a decade after that before we saw activity pick up and real prices increase [ chart : changes in real house prices in canada ]. more recently, of course, we have seen in this part of the country a strong housing market cycle. the current state and likely future evolution of the housing market in canada have implications for the economy, financial markets, and policy - makers. i will describe these implications later, but first i'd like to set the stage by discussing the role of housing in the canadian economy and some of the factors that drive housing activity and prices. housing

amando m tetangco, jr : sustaining growth while riding the uncertainty speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the bloomberg ’ s foreign exchange forum, makati, 13 august 2014. * * * introduction – caution in a time of uncertainty good afternoon. seeing all of you here once again validates my theory that indeed there is a strong correlation between volatility and attendance in a forum like this one – to listen to the central bank talk about uncertainty. from a smaller function room downstairs where we used to hold this forum, we have been kicked upstairs to this ballroom. holding this discussion now also shows bloomberg ’ s knack for getting the timing right. your interest confirms that the most common reaction to uncertainty is caution. think about it, if you are about to undergo your annual physical, don ’ t you modify your eating habits and hold off on that last piece of “ lechon ”? however, how long you feel you need to deprive yourself depends on your “ initial conditions ”. if you are in fairly good health, maybe you would only skip one craving for that savory bite and you would still be confident to walk into the doctor ’ s office. the same reality applies to the financial market. 1 ) when market participants sense uncertainty, they proceed with caution and 2 ) the impact of uncertainty on your behavior will depend on initial conditions. if uncertainty finds you at a time of high market volatility, you are likely to be more nimble, than when uncertainty finds you at a time of low volatility. right now we are in a low volatility environment. some analysts say volatility is “ eerily ” low. there is even an assessment that markets have become “ too ” complacent. is that the case among market participants in the philippines? i hope not. see, the thing with “ uncertainty ” is that the degree of uncertainty is itself uncertain. therefore, we really cannot, and should not be complacent. because however quiet markets seem to be now, risks remain. risks remain what are these risks that we face today? let me name four that are top of mind : 1 ) monetary policy normalization in advanced economies. the consensus, as i understand it, is that the fed would continue with its current pace of tapering. the operative question now therefore is when will