carolyn wilkins : release of the monetary policy report opening statement by ms carolyn wilkins, senior deputy governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, ontario, 13 july 2016. * * * good morning. governor poloz and i are pleased to be here to talk about today ’ s interest rate announcement and our monetary policy report ( mpr ). before turning to your questions, let me spend a few minutes highlighting the main points of discussion that took place within governing council. our bottom line is that the underlying forces that underpin stronger growth in canada are intact, and the adjustment of the economy to lower oil prices is well under way. that said, both international and domestic factors have led us to revise down our forecast for gdp growth. most importantly for canada, there is good underlying momentum in the us economy, even if the composition of us growth is somewhat less favourable for canada than it was in april. we are seeing relatively strong labour market conditions in the united states, consumers are confident, and the rate of new firm creation is back near pre - recession levels. all of this suggests that the weak start to 2016 was largely temporary. the us economy remains a key driver for global growth, which we forecast will strengthen gradually to 3 1 / 2 per cent by 2018. however, the results of the referendum in the united kingdom have clouded the global outlook. governing council carefully considered how best to incorporate the effects of the brexit vote into the outlook. it is early days, and there will be a prolonged period of uncertainty as authorities work out how the united kingdom will exit from the european union. governing council decided to incorporate in the base case projection a 0. 2 per cent reduction in the level of global gdp by the end of 2018. this reflects direct trade effects and some confidence effects on business investment. we are assuming that the brexit process will proceed in an orderly fashion. financial markets were resilient despite sharp adjustments in a wide range of global asset prices in the wake of the vote, and financial conditions are generally more accommodative. now let me turn to the canadian economy. our discussions focused on how we should look through the choppiness in recent data to see the underlying trends, and what these trends mean for the inflation outlook. among other factors, the fires in northern alberta, which have been costly for many, represent a sharp, but temporary, hit to the economy. we expect to

david a dodge : the bank of canada ’ s commitments to canadians remarks by mr david a dodge, governor of the bank of canada, at the town hall meeting, ottawa, 18 may 2004. * * * good morning everyone and welcome. welcome also to those of you joining us by videoconference. today ’ s gathering is very important, so i ’ m glad you have taken the time to attend. before i begin i want to say hello to the members of the management forum and executive management committee who are with us today. these town halls are becoming a bit of a springtime tradition. the snow melts and the time comes for us to get together. we take stock of where we are, where we ’ re going, and how we want to get there. as you know, many institutions, both governmental and private, are currently concerned about governance structures, accountability and rules of behaviour. of course we focused on these issues a couple of years ago when we established our compass. and it ’ s our compass i ’ d like to focus on now. it is an amazing document. i think it captures the essence of who we are. and one of the truly great things about it is how it came to be. creating the compass was a comprehensive exercise. it was top down, bottom up and side to side. staff had an opportunity to take part in the consultation, debate, and careful consideration that went into the making of it. together, we produced a remarkable set of commitments to canadians, to excellence, and to each other. we really don ’ t need to worry about producing something new. but it is useful as we get together, to remind ourselves of what it is that we created. our commitment to canadians placed our legislated mandate into very concrete terms. canadians need to have confidence in the value of the money they earn and the quality of the bank notes that they carry around. they need to have confidence in canada ’ s financial system. they want to know that the bank is managing the government ’ s funds with integrity. and that we are communicating and being accountable for what we do. when we say we are committed to canadians, we ’ re saying we ’ re committed to fostering their confidence in our integrity as a central bank. our second commitment is to excellence. it reflects the high standards we set for ourselves in our work on behalf of canadians. it goes hand in hand with the statement we made when we launched the compass and the medium term plan