move forward, there needs to be a collective change of attitudes and mindsets – particularly towards things like corruption, good governance, and consideration for the public good. here there is good news and bad news. on the positive side, mindsets and attitudes are things within our control. the bad news is that changing attitudes and mindsets is perhaps one of the most difficult things to do. as leo tolstoy once wrote “ everyone thinks of changing the world, but no one thinks of changing himself. ” for many of you here who will go on to serve in public policy, i urge you to embrace this challenge and give you my wholehearted support. today is a legacy of the past, but history is not destiny. you can make a difference and we need more people who devote themselves to do so. thank you very much for your attention. bis central bankers ’ speeches

trade. of course, the rise in value of the canadian dollar over the past five or six years has been an important part of these relative price movements. at the same time, some sectors of the province's economy are benefiting from these changes in relative prices, including the mining and agrifood sectors. we must also remember that the manufacturing sector is not homogenous – the high - tech sector standing out as an example. and ontario has strong financial services and health services sectors. what this adds up to is the need for adjustment within the ontario economy in response to these global forces. adjustment is not easy. but london and its surrounding area does seem to me to stand out as an example of the importance of having the flexibility to respond and adjust to changing circumstances. some 20 years ago, manufacturing accounted for 20 per cent of the jobs in london, compared with 14 per cent today. this decline has been more than offset over the past 20 years by employment gains in financial, business, and professional services, and in transportation and warehousing. in addition, we have seen significant investments, including in the manufacturing base of this community, in technology that supports world - class operations. the result for london over this period has been rising employment and rising real incomes. good macroeconomic management is certainly part of what is needed to help provinces, cities, and communities adjust to global change. this includes sound fiscal policies, policies that help to reduce public sector debt levels relative to the size of the economy. the bank of canada also has an important role to play. the bank's monetary policy aims at keeping inflation low, stable, and predictable. this, in turn, helps households, businesses, and governments to read price signals more clearly, respond to relative price movements more promptly, and allocate production resources more efficiently. when relative prices move to the extent that they have in recent years, markets are essentially telling us that there has been a fundamental change in the type of products that the rest of the world wants to buy from canada. in setting monetary policy, our job is to understand what this means for canada's overall economic picture, which implies a focus that is national in nature and scope. conclusion to conclude, the first point i wish to make is the importance of allowing market - based adjustment mechanisms to work. markets send price signals that indicate the best way for resources to be allocated. second, it is also important for households, businesses, and governments to take a medium