mark carney : the implications of globalization for the economy and public policy remarks by mr mark carney, governor of the bank of canada, to the british columbia chamber of commerce and the business council of british columbia, vancouver, british columbia, 18 february 2008. * * * i am delighted to give my first public address as governor of the bank of canada in vancouver, not only because my roots are here in the west, but also because vancouver aptly symbolizes the subject of my remarks today – globalization. i chose to speak about globalization at the outset of my tenure because it will continue to be one of the forces shaping our economy and economic policy for years to come. steady advances in transportation, communication, and information technologies, underpinned by the more widespread adoption of free - market economic policies, are shrinking the globe and expanding the global economy. it is incontestable that the current wave of globalization has been, on balance, of great benefit. hundreds of millions of people have already been lifted out of poverty, with the real potential for hundreds of millions more to share their destiny. 1 globalization has also had numerous economic benefits for canada. the recent period of international integration has coincided with the second - longest expansion in our nation's history, characterized by rising real incomes, surging employment, and low, stable, and predictable inflation. however, these outcomes are not preordained ; to reap fully the benefits of globalization, policy - makers must weigh its implications and respond effectively to its challenges. in my time today, i will discuss these policy challenges, particularly those related to the conduct of monetary policy. first, i will talk about how the current wave of globalization differs from previous periods of economic integration, and then i will address some of the economic impacts of globalization. before concluding, i will also say a few words about the current outlook for the canadian economy, which, not surprisingly, is importantly influenced by global economic developments. what is different? in some respects, the current wave of globalization resembles earlier episodes. there have been occasional periods of intense economic integration over the centuries, most notably during the roman empire and in the latter half of the 19th century. these have shared several common features : for example, technological innovations that shrank economic distances ( e. g., standardized roads, the telegraph and, more recently, the internet ) and, very importantly, governments that pursued supportive economic policies. these governments recognized the long - term benefits of economic integration and were large

tiff macklem : $ 5 and $ 10 bank note issue remarks by mr tiff macklem, senior deputy governor of the bank of canada, presented to the vancouver train station, vancouver, british columbia, 7 november 2013. * * * good morning friends and colleagues and welcome to this event to launch the new $ 5 and $ 10 polymer notes. i am very pleased to be here in beautiful vancouver, representing the bank of canada. and like the governor, i am proud of these bank notes. they are making history : a first for canada and, indeed, the world. with these notes, canada breaks new ground. they are safer, cheaper, and greener. safer, because all the notes have the same state - of - the - art security features, using holography, transparency and other elements that make them very difficult to counterfeit but easy for everyone, especially those behind the counter, to verify. we are the first – and for now, the only country – to have a hologram within a transparent window on our bank notes. cheaper, because they last longer than paper notes. this means fewer notes will need to be printed and transported, making the series more economical. greener, because over the life of the series, fewer notes will be produced. and when they do wear out, they will be recycled. it ’ s possible that they ’ ll be recycled into new products – products, such as this flowerpot. those are some facts about the new notes. but let me put to rest a few urban myths that have been making the rounds about the polymer notes. my favourite myth is that the notes smell like maple syrup. they don ’ t. so if you get a new bank note and it doesn ’ t smell of maple syrup, don ’ t worry. that ’ s a good thing. and you can rest assured ; there is no chance these notes will melt if you put them on the dashboard of your car. trust me on this. there is a chance, however, that your car might be broken into, so i don ’ t recommend it. starting today, these safer, cheaper, greener, bank notes will be rolled out across canada ; and over time, they will make it into everyone ’ s hands. given the striking imagery on the $ 10 bank note, it is entirely appropriate that we are here on national railway day. this day marks the anniversary of the hammering of the last spike into the railbed in craigellachi