conditions were stimulating to increase aggregate demand and appropriate for returning inflation to target. the monetary stimulus brought about the reduction of the credit price and stimulated the growth of lending. under these circumstances, private sector lending experienced a relatively rapid growth and showed a better distribution. also, the monetary stimulus reduced the cost of debt service for businesses and households, as well as created the premises for a more stable exchange rate. in addition to supporting price stability, the bank of albania has also paid attention to the promotion of financial stability, through the supervision and careful regulation of the banking 1 / 3 bis central bankers'speeches sector, as well as through the coordination of work with other supervisory authorities of the financial sector. 2. banking supervision and financial stability the albanian banking sector continues to remain financially sound and has shown increasing dynamism. this sector has been profitable during 2019, while its liquidity and capitalization indicators are above our regulatory requirements. also, resistance testing exercises show that the banking sector exposure to systemic risks is controlled and that the banking sector ’ s ability to withstand risks is strong. below i will briefly list some of the main directions of our work to strengthen banking supervision and to support financial stability. first, the bank of albania successfully administered the banking sector consolidation process. this process reshaped the domestic banking market, bringing in new and motivated actors, as well as increasing domestic capital. second, the bank of albania fulfilled all its obligations under the national plan for the reduction of non - performing loans. thanks to measures taken over the years, the nonperforming loan ratio fell from a maximum of almost 25 % in 2014 to 8. 4 % at the end of 2019. third, the bank of albania worked to meet the recommendations of the coe committee of experts on the evaluation of measures against money laundering and terrorist financing ( moneyval ). in the moneyval valuation report, financial entities were rated at the level of “ substantial ” or “ substantial ” effectiveness. fourth, the bank of albania has continued to adopt new regulatory acts of the banking activity or to review them in force, with the aim of further approximation with the directives and regulations of the european union and with the documents of the basel committee. finally, the work to promote sound lending to the economy has been accompanied by careful supervision of the banking system, through full and partial examinations. carrying out institutional tasks also means a constant attention to other areas of activity of the bank of albania. here i find it appropriate to emphasize the further development of the

mark carney : opening statement before the house of commons standing committee on finance – april monetary policy report opening statement by mr mark carney, governor of the bank of canada and chairman of the financial stability board, before the house of commons standing committee on finance, ottawa, 23 april 2013. * * * good morning. tiff and i are pleased to be here with you today to discuss the april monetary policy report, which the bank published last week. • global economic growth has evolved broadly as anticipated in january. • in the united states, the economic expansion is continuing at a modest pace, with gradually strengthening private demand partly offset by accelerated fiscal consolidation. • significant policy stimulus has been introduced in japan. • europe, in contrast, remains in recession, with economic activity constrained by fiscal austerity, low confidence and tight credit conditions. • after picking up to very strong rates in the second half of 2012, growth in china has eased. • commodity prices received by canadian producers remain elevated by historical standards and, despite recent volatility, overall they are little changed since january. • the bank expects global economic activity to grow modestly in 2013 before strengthening over the following two years. • following a weak second half of 2012, growth in canada is projected to regain some momentum through 2013 as net exports pick up and business investment returns to more solid growth. • consumer spending is expected to grow at a moderate pace over the projection horizon, while residential investment declines further from historically high levels. growth in total household credit has slowed and the bank continues to expect that the household debt - to - income ratio will stabilize near current levels. • despite the projected recovery in exports, they are likely to remain below their prerecession peak until the second half of 2014 owing to restrained foreign demand and ongoing competitiveness challenges, including the persistent strength of the canadian dollar. • on a quarterly basis, growth in canada is expected to pick up to about 2. 5 per cent in the second half of this year. despite this expected pickup, with the weak growth in the second half of 2012, annual average growth is now projected to be 1. 5 per cent in 2013. the economy is then projected to grow by 2. 8 per cent in 2014 and 2. 7 per cent in 2015, reaching full capacity in mid - 2015. this is later than anticipated in january. • total cpi and core inflation have remained low in recent months, broadly in line with expectations in january. muted core inflation reflects material excess