mark carney : summary of the latest monetary policy report opening statement by mr mark carney, governor of the bank of canada and chairman of the financial stability board, at the press conference following the release of the monetary policy report, ottawa, ontario, 17 april 2013. * * * good morning. tiff and i are pleased to be here with you today to discuss the april monetary policy report, which the bank published this morning. • global economic growth has evolved broadly as anticipated in january. • in the united states, the economic expansion is continuing at a modest pace, with gradually strengthening private demand partly offset by accelerated fiscal consolidation. • significant policy stimulus has been introduced in japan. • europe, in contrast, remains in recession, with economic activity constrained by fiscal austerity, low confidence and tight credit conditions. • after picking up to very strong rates in the second half of 2012, growth in china has eased. • commodity prices received by canadian producers remain elevated by historical standards and, despite recent volatility, overall they are little changed since january. • the bank expects global economic activity to grow modestly in 2013 before strengthening over the following two years. • following a weak second half of 2012, growth in canada is projected to regain some momentum through 2013 as net exports pick up and business investment returns to more solid growth. • consumer spending is expected to grow at a moderate pace over the projection horizon, while residential investment declines further from historically high levels. growth in total household credit has slowed and the bank continues to expect that the household debt - to - income ratio will stabilize near current levels. • despite the projected recovery in exports, they are likely to remain below their prerecession peak until the second half of 2014 owing to restrained foreign demand and ongoing competitiveness challenges, including the persistent strength of the canadian dollar. • on a quarterly basis, growth in canada is expected to pick up to about 2. 5 per cent in the second half of this year. despite this expected pickup, with the weak growth in the second half of 2012, annual average growth is now projected to be 1. 5 per cent in 2013. the economy is then projected to grow by 2. 8 per cent in 2014 and 2. 7 per cent in 2015, reaching full capacity in mid - 2015. this is later than anticipated in january. • total cpi and core inflation have remained low in recent months, broadly in line with expectations in january. muted core inflation reflects material excess supply in the economy

thomas c baxter : compliance – some thoughts about reaching the next level remarks by mr thomas c baxter, executive vice president and general counsel of the federal reserve bank of new york, at the fordham journal of corporate counsel & financial law symposium, fordham law school, new york city, 9 february 2015. * * * these remarks are personal and do not necessarily represent the views of the federal reserve bank of new york, or any component of the federal reserve system. introduction let me begin by thanking professor sean griffith, the director of the corporate law center, and robert lyons, editor of the fordham journal of corporate & financial law, for inviting me to participate in this symposium about corporate compliance and corporate governance. let me also thank fordham law school for hosting the symposium. i would also like to recognize a colleague who is with us today. he is martin grant, who is the new york fed ’ s chief ethics and compliance officer. i have had the privilege of working with martin for the last 25 years, and much of what i have learned about compliance i have learned from him. in the space sometimes labeled compliance, we have come a very long way in a relatively short time. in about 20 years, compliance has transformed from a nice idea to an important component of most major corporations. this is especially true in the highly regulated industries, including the industry where i have made my career, financial services. we could spend much time discussing how this transformation happened. from my vantage point, it happened because of the combined effects of the federal sentencing guidelines, the delaware chancery court ’ s caremark decision, 1 and the post - enron legislation known as sarbanes oxley. of course, other events also fueled the transformation, and in the financial services industry, the worst financial crisis our country has seen since the great depression became a burning platform. while it is always important to look back at the road traveled, i am not going to spend any more time on that particular topic. instead, today i intend to look forward at where compliance is going, and to forecast for our future some things we should pay attention to now. i will discuss five different items, and i predict that some of the greatest accomplishments for compliance are not in the recent past but in the not - too - distant future. if we plan ahead, and if we can successfully adapt to changing circumstances in our respective industries and in the national and global economies, then 20 years from now you will listen to another keynote speaker remarking on further