including of course the bank of canada, the office of the superintendent of financial institutions, and the canada deposit insurance corporation. ultimately, it is the minister of finance who is responsible for the sound stewardship of the financial system. conclusion prudent, conservative policies have provided significant support to canada's housing market, through both good times and bad. this point has been amply demonstrated, during the recent recession – where many countries saw imbalances roil their housing markets – and in the ongoing recovery here in canada. the current revival in our housing sector was a desirable, and intended, part of canada's economic recovery, but like all good things, it must be carefully monitored to ensure that it doesn't go to an extreme. you can be sure that the bank of canada will be closely watching developments in the housing sector and taking them into account in our decisions on monetary policy and in assessing financial stability. in setting interest rates to achieve the inflation target, housing developments need to be weighed along with all the other factors influencing economic activity and inflation. in assessing financial stability, we focus on the potential risks to the whole financial system. in carrying out these responsibilities, we are committed to promoting the economic and financial welfare of canada, by fostering confidence in the value of money, and in the safety and efficiency of our financial system. with that, i wish you a happy and prosperous 2010.

olli rehn : on the road to a new global equilibrium remarks by mr olli rehn, governor of the bank of finland, at the panel discussion on " monetary policy frameworks ", reinventing the bretton woods committee, in the context of the imf annual meetings, bali, indonesia, 11 october 2018. * * * accompanying charts of this speech. the prospects of sustained growth in the world economy are currently clouded by several risks and vulnerabilities. some have to do with the imbalances that stem from the legacy of the global financial crisis, such as the high level of private and public debt globally. meanwhile, others originate from contemporary political uncertainties, which threaten to seriously weaken the structures of global economic governance. hence, i would coin the main challenges for monetary policy frameworks, and economic policy coordination in general, into three : growth, resilience, prudence. more precisely : growth by free trade ; resilience in finance ; prudence in monetary policy. let me elaborate these in turn. 1. protectionism is the present danger to sustained growth, as shown by the imf reports recently. if the protectionist measures were to reduce global growth e. g. by 1 percentage point, it may sound small – but it would in fact amount to a loss of 800 billion euros, which is roughly equivalent to 4 times finnish gdp. finland may be a small country, but not insignificant, and losses of that magnitude would mean continued poverty and unemployment to millions of people, especially in the developing world. the imf was founded as a building block for a multilateral, rules - based system of trade and payments. eroding the multilateral system of free exchange is a major threat to global prosperity, and to successful monetary policy of individual countries and currency areas. hence, i would expect a clear, unequivocal message from the imfc against protectionism, and in favour of multilateralism and free trade. 2. the key lesson from the euro crisis, from which i have first - hand experience, is how vital financial resilience is for the whole macro - economy, and for the real economy. the scale and severity of the impact of the financial disruptions, not only on banks, but also on employment and the public finances, came as a surprise to economists and policy makers alike. hence, the emphasis must be on resilience. what are the policy implications of that? globally, developing financial regulation should