stephen s poloz : unveiling of commemorative bank note marking the 150th anniversary of canada remarks by mr stephen s poloz, governor of the bank of canada, at the unveiling of the commemorative bank note marking the 150th anniversary of canada, ottawa, ontario, 7 april 2017. * * * we at the bank of canada are proud to have produced this special note commemorating canada ’ s 150th anniversary. we ’ ve only ever produced three other such bank notes in our 82year history, so believe me when i say this is a big deal. developing any bank note is a long and involved process, especially so with this one. we ’ ve been working on it since 2014, and more than 5, 000 individual canadians have fed into the process. we asked them if they wanted to see the past, the present or the future on the note. in true canadian form, the answer to this question was “ all three. ” the design was inspired by that input and carefully incorporates many of the ideas we heard on how to best represent the 150th anniversary of confederation. isn ’ t it amazing how much history you can fit onto a little piece of polymer? all of the historical elements in the note ’ s design show why this year calls for a big celebration! this bank note not only reflects the pride we feel about our country and its accomplishments, it also, we hope, instills in canadians a different kind of confidence. the bank is responsible for the design, production and distribution of canada ’ s bank notes. and while bank notes reflect canada ’ s society, culture and history, it ’ s also our job to ensure that they are durable and difficult to counterfeit — in short, so that canadians can have confidence in their money. from a design perspective, when we asked canadians what they wanted to see, more than anything else, they said canada ’ s landscapes. so if we look at the back of the note, we will see several images of canada ’ s natural beauty, seamlessly woven together — from sea to sea to sea. from left to right, we start in the west with the lions — or the twin sisters, as the squamish people know them — the peaks of the north shore mountains, which overlook vancouver. in the foreground, we can see capilano lake. moving east, we come to the prairies. we see wheat, the iconic crop of canada ’ s prairie provinces and one of the most important

david dodge : monetary policy developments in canada opening statement by mr david dodge, governor of the bank of canada, to the senate banking, trade and commerce committee, otttawa, 30 april 2003. * * * good afternoon, mr. chairman, members of the committee. i would like to start by saying how much we appreciate the opportunity to meet with you following the release of the bank ’ s semi - annual monetary policy report. it ’ s important for us to be able to explain our views on the economy and on inflation. i ’ d like to spend a few minutes summarizing the key points of our most recent report, which we released last week. but first, i ’ d like to introduce my colleagues — deputy governors chuck freedman and pierre duguay. chuck will retire in september, after almost 30 years at the bank. his leadership in the areas of monetary policy, financial institutions, and canada ’ s clearing and settlement systems has been invaluable. we will all miss his expertise, his enthusiasm, and his keen wit and intellect. the last time i testified before this committee was in the spring of 2002, because we were unable to arrange our regular meeting last fall. you will recall that following the 11 september 2001 terrorist attacks in the united states, we quickly and aggressively cut our policy interest rate to shore up confidence and support domestic demand. by last spring, evidence had already started to build that demand was growing faster than the economy ’ s production capacity. monetary policy actions must always be forward looking. so, even though demand pressures were not yet showing up in prices, we raised our key policy rate three times between april and july 2002. by the autumn, inflation was on the rise. but we refrained from raising interest rates because of geopolitical and financial uncertainties, high yield spreads and restricted access to funding for riskier corporate borrowers, as well as the expectation of weaker foreign demand for canadian goods. since then, inflation has been above the 2 per cent target midpoint. the total cpi inflation rate peaked at 4. 6 per cent in february, falling back somewhat to 4. 3 per cent in march. the jump in inflation reflected the sharp rise in oil and natural gas prices, increases in insurance premiums, and strong domestic demand that had led to price pressures in certain sectors, such as shelter and some services. in this environment, certain indicators of short - term inflation expectations have edged up — although longer - term expectations remain around 2