stephen s poloz : summary of the latest monetary policy report opening statement by mr stephen s poloz, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, ontario, 23 october 2013. * * * good morning. tiff and i are pleased to be here with you today to discuss the october monetary policy report, which the bank published this morning. • the global economy is expected to expand modestly in 2013. however, its nearterm dynamic has changed and the composition of growth is now slightly less favourable for canada. • the u. s. economy is softer than expected. but as fiscal headwinds dissipate and household deleveraging ends, growth should accelerate through 2014 and 2015. • overall, the global economy is projected to grow by 2. 8 per cent in 2013 and accelerate to 3. 4 per cent in 2014 and 3. 6 per cent in 2015. • in canada, uncertain global and domestic economic conditions are delaying the pick - up in exports and business investment. this leaves the level of economic activity lower than the bank had been expecting. • while household spending remains solid, slower growth of household credit and higher mortgage interest rates point to a gradual unwinding of household imbalances. • the bank expects that a better balance between domestic and foreign demand will be achieved over time and that growth will become more self - sustaining. but this will take longer than previously projected. • real gdp growth is projected to increase from 1. 6 per cent this year to 2. 3 per cent next year and 2. 6 per cent in 2015. the bank expects that the economy will return gradually to full production capacity, around the end of 2015. • inflation in canada has remained low in recent months, reflecting the significant slack in the economy, heightened competition in the retail sector, and other sectorspecific factors. • with larger and more persistent excess supply in the economy, both total cpi and core inflation are expected to return more gradually to 2 per cent, around the end of 2015. • the outlook for inflation is subject to several risks emanating from both the external important that we are not just aware of these risks, but that we also take them on board as we consider the appropriate course for monetary policy. • we have identified two important external risks. an upside risk to inflation in canada that emanates from the external environment is the risk of more - robust economic growth than projected in the

prasarn trairatvorakul : financing tomorrow – the greater mekong subregion keynote address by dr prasarn trairatvorakul, governor of the bank of thailand, at the euromoney greater mekong subregion investment forum, bangkok, 13 june 2013. * * * excellencies, honorable speakers, distinguished guests, ladies and gentlemen, 1. it is a great pleasure to be here at the euromoney greater mekong subregion ( gms ) investment forum once again and an honour to give some remarks on the topic of ‘ financing tomorrow : the gms ’. a year ago, i had the opportunity to talk about this topic once. at that time, i shared my thoughts on the roles of thai financial intermediaries as a ‘ connector ’ bridging between global financial players and small local institutions. 2. this year, we are gathered during a time when the gms is undergoing tremendous economic reforms. member countries are transitioning towards higher degrees of openness and are integrating with the global economic mainstreams. the gms economies have grown at some of the fastest rates in the world since the early 1990s, averaging close to 8 %, despite the gloom of the recent global financial crisis. this transformation has contributed to economic convergence and narrowed the development divide within the region. the gap of income differences between the gms and the rest of asian countries in their neighbourhood has been reduced continuously. 3. with the promising economic potentials ahead of us, i would like to reemphasize our shared vision of “ what we shall expect to see for the future of the greater mekong subregion ” and “ how we can achieve such prosperity. ” 4. i picture the greater mekong subregion ( gms ) in the next twenty years as a much more connected and integrated region : a region where we are not only connected solely by a river, but by various modes of transportation, where one can travel conveniently, where trade and investment can flow across efficiently, and where prosperity can be widely enjoyed even by those in the rural areas. although we are not yet there, i strongly believe that this vision can come true. 5. we always hear the saying “ rome was not built in a day ”. thus, we have to start working together towards our shared vision starting today. there is a great deal of preparatory work to be done ; but in my view, some of the most crucial tasks are infrastructure development and businesses access