of that mean for inflation? we've come a long way from the 8. 1 % inflation we saw last summer. as i mentioned, annual cpi inflation was down to 4. 3 % in march, 1 / 2 bis - central bankers'speeches led by falling goods price inflation, and we see further declines ahead. that's good news. but many canadians are still struggling to manage the rising cost of living, and prices of many things that people need to buy are still rising too quickly. food price inflation is just under 10 %. we expect food price inflation to come down in the months ahead, but services price inflation will take longer. continued strong demand and the tight labour market are putting upward pressure on many services prices, and those are expected to decline only gradually. we expect it will take until the end of 2024 to get inflation all the way back to the 2 % target. when we met last week, the bank's governing council discussed whether we've raised rates enough, and we considered the likelihood that the policy rate may need to remain restrictive for longer to return inflation to the 2 % target. governing council also discussed the risks around our projection. the biggest upside risk is one i just mentioned - that services price inflation could be stickier than projected. the key downside risk is a global recession. if global banking stress re - emerges, we could be facing a more severe global slowdown and much lower commodity prices. overall, we view the risks around our inflation forecast to be roughly balanced, but with inflation still well above our target, we continue to be more concerned about the upside risks. let me conclude. our job at the bank of canada is to get inflation all the way back to the 2 % target. we are encouraged with the progress so far. and seeing inflation get down to 3 % this summer will be welcome relief for canadians. but let me assure canadians that we know our job is not done until we restore price stability. price stability is important because it restores the competitive forces in the economy and allows canadians to plan and invest with the confidence that their money will hold its value. that's the destination - we are on our way and we will stay the course. with that summary, the senior deputy governor and i would be pleased to take your questions. 2 / 2 bis - central bankers'speeches

njuguna ndung ’ u : bank regulation reforms in africa : enhancing bank competition and intermediation efficiency keynote address by prof njuguna ndung ’ u, governor of the central bank of kenya, at the 12th seminar by african economic research consortium, mombasa, 22 march 2010. * * * prof. william lyakurwa, executive director, african economic research consortium ; senior policymakers here present ; distinguished guests ; ladies and gentlemen ; i am delighted to be with all of you here in mombasa and to speak on bank regulatory reforms in africa : enhancing bank competition and intermediation. but before i make my remarks, let me take this opportunity to thank the african economic research consortium ( aerc ) for their invitation to give the keynote address at this seminar. this is indeed a timely topic as we continue to assess the effects of the global financial crisis and find long term solutions to mitigate and prevent recurrence. i am informed that approximately 70 senior policymakers from over 20 countries in sub - saharan africa ( ssa ) are in attendance. this signals the importance of this seminar and the policy spin - offs it will generate. at the outset, ladies and gentlemen, i would like to recognize the important role that aerc has played in strengthening local capacity for managing economies within sub saharan africa. the consortium has contributed to advanced policy research and graduate training in economics. most institutions of policy in sub - saharan africa today are led by aerc alumni. i am happy to be part of this group myself. ladies and gentlemen ; this seminar is taking place at a time when countries in africa are taking stock of the second and third round effects of the global financial crisis. you will agree with me that the crisis which initially hit african countries with stronger financial linkages to international capital markets ; significant trade relations with the western world and rich natural resource countries set the stage for challenging times in policy making and implementation. africa ’ s prospects in the post - crisis period are contingent on the behaviour of policymakers. indeed, there is need for better regulation that can readily identify emerging vulnerabilities ; properly price risks ; and strengthen incentives for prudent behaviour. it is tempting after the crisis to call for more regulation – but we should emphasize better regulation. second, we should emphasize building strong institutions. globally, the remedial actions taken by governments to deal with the crisis have borne fruit and the green shoots of recovery are beginning to sprout. for