drift even further below target against the risks of exacerbating financial system imbalances. as central bankers, here in canada and globally, we are in new territory. it brings to mind the sailors of another era who were driven far off course by a nasty storm. when things calmed, they found themselves in the southern hemisphere. suddenly the navigational chart that they relied on – the night sky – was completely different. we have every reason to believe that, after the experience of the crisis is behind us, central banking will be defined very differently than it was just five years ago. we know now that economic and financial stability are intrinsically linked, and we are figuring out as we go how to better integrate the two in our analysis and research, and in our policy. on a technical level, we are actively building new models and adding new detail to our existing ones. we are spending more time talking to real people making real economic decisions, to understand better the forces we are facing. and, we are communicating differently, not just more, but with more transparency, with due regard to the uncertainty around us. i am confident that we ’ ve got it roughly right, given what we know and especially what we don ’ t. just like those sailors on the open seas, we will adapt and thrive – and find our way home. bis central bankers ’ speeches

. eastern canadian consumers are importing oil and paying the global price, at an average $ 35 premium to the price received by western heavy oil producers over the past year. new energy infrastructure - pipelines and refineries could bring more of the benefits of the commodity boom to more of the country. other new markets can be found at home. for example, as of november 2011, 255 ontario firms were suppliers to the canadian oil sands. 7 as well, ontario ’ s exports of mining - related services to alberta grew 44 per cent in the last year measured. capturing more of the value added in commodity production, from energy to agriculture, remains a tremendous opportunity for all of canada. we should also recognise that, in an era of high resource prices, better operating efficiency, improved resource management and products with a more sustainable environmental footprint make commercial and social sense. advances in building energy efficiency, enhanced farm yields and power plant performance would pay immediate domestic dividends. however, the real prize may be in emerging markets, which contain an estimated 85 per cent of the resource productivity opportunities in the world. 8 improve interprovincial mobility crucial to capturing value added in canada is ensuring that workers across the country can fully utilise their skills. a common complaint, especially in this province, is the lack of skilled labour. research by the bank of canada and others shows there are implicit and explicit barriers created by provincial borders ; for example, differences in occupational licensing, which deter interprovincial migration. 9 the new west partnership trade agreement could be an important step to bringing down such barriers. for canada as a whole, amendments agreed to in 2009 to the agreement on internal trade ( ait ) to encourage interprovincial mobility of regulated professionals and skilled trades have similar potential, if implemented. increase skills to compete with technology and trade transforming the workplace, the need to improve skills across the spectrum of work has never been greater. first, we need to continue to improve the skills of our managers. only one third of managers in canada have a university degree, compared with almost half of american managers. 10 second, we need to grow further and target better our already high level of post - secondary attainment. even though canada has the highest level of tertiary education in the oecd, only 60 per cent of our graduates work full - time, compared with the oecd average of 75 per cent. further, 20 per cent of university - educated adults earn less than half the median wage.