benoit cœure : interview in rheinische post interview with mr benoit cœure, member of the executive board of the european central bank, in rheinische post, conducted by ms birgit marschall and mr georg winters and published on 13 february 2016. * * * share prices are sharply down on the world ’ s stock markets. why? there are several compounding factors, each calling for different answers. first, it ’ s a global phenomenon. investors are generally anxious about a slowdown in growth worldwide, especially in the emerging markets, and above all in china. second, there ’ s great uncertainty about the global effects of the low oil price. initially, it was thought the low price would be good for global growth, but now some negative effects can be seen, particularly in emerging markets. third, market participants are questioning how profitable banks are and whether they have successful business models for the future. how affected are europe ’ s banks? they are in a much better position today than they were at the height of the debt crisis in 2011 and 2012. thanks to the banking union they are now much more resilient. they have very significantly built up their capital and liquidity. one challenge they face is their low profitability, which is also related to the current level of economic growth. also, some banks have a high level of non - performing loans on their books, as a legacy of the crisis. none of these challenges are new : they have been clearly identified, they require forceful action and they will be solved over time. what about germany ’ s banks? deutsche bank and commerzbank have lost a lot of trust. i can ’ t talk about individual banks. generally speaking, european banks are in a transitional phase and are rethinking their business models, also concerning technological developments. they also face a new regulatory environment. we have had a new framework for the resolution of banks only since the beginning of january. together with the single supervision, this system will make them stronger and better protect taxpayers, but banks and investors are still learning about it. is a new financial crisis more likely? no. today in the euro area we have economic growth of between 1 % and 1. 5 % and accelerating, while a few years ago it was negative. this growth is helping the banking sector to recover. provided we stay on this path i ’ m optimistic that the crisis will not return. low interest rates and rising share prices normally go together

tiff macklem : opening statement - symposium on indigenous economies opening statement ( delivered virtually ) by mr tiff macklem, governor of the bank of canada, before the symposium on indigenous economies, ottawa, ontario, 29 november 2021. * * * hello and welcome. i want to extend my deepest thanks to elder commanda for offering her blessing to launch this important event. i hope we draw on the spirit of reflection embodied in this blessing throughout this symposium and beyond. i also want to thank sarah, ngarimu and suzette for their meaningful land acknowledgements. these acknowledgements are a vital part of our collective efforts toward reconciliation. they reflect much more than a historical accounting of the original occupants of this land. they commemorate not only indigenous peoples ’ rich contributions to our countries, but also their kinship to mother earth and her life - sustaining gifts. and importantly, land acknowledgements help us all reflect on the history that brought us to reside here. why we ’ re here this is one of the main goals of the central bank network for indigenous inclusion — to recognize the shared history of colonialism in our countries, and to work together to acknowledge and address some historical wrongs. this symposium is key to our common objectives. and i want to thank two people who have been key to making it all happen. first, i want to thank manny jules, chief commissioner of the first nations tax commission and founder of the tulo centre of indigenous economics. he has been the inspiration behind much of the bank ’ s work in this sphere, and a leader in helping to bring this event to fruition. i ’ d also like to express my gratitude to the reserve bank of new zealand and governor adrian orr for being an inspiration to us in how you ’ re building closer partnerships with maori. we all have a lot to learn from our combined experiences, and we look forward to collaborating more on this in the future. over the next two days, we ’ ll take a historical look at indigenous economies, and we ’ ll consider various aspects of present - day economies. this includes access to capital, resource development, and indigenous businesses and labour markets. we ’ ll also talk about the impacts that policies throughout history have had on current - day inequalities. i expect we will have moments of hope and moments of inspiration. we will also have uncomfortable moments of coming to terms with shameful parts of our history. our nations have all travelled different paths in our colonial histories. and each country represented