stephen s poloz : release of the monetary policy report opening statement by mr stephen s poloz, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, ontario, 15 july 2015. * * * good morning. senior deputy governor wilkins and i are happy to be here with you again to answer your questions about today ’ s interest rate announcement, and our latest monetary policy report ( mpr ). let me begin with a few remarks around the issues that were most important to the governing council ’ s deliberations. since our last mpr in april, global economic developments have been quite disappointing, and these have led to a significant downgrade of our estimate of canadian economic growth for 2015. there were three factors behind this downgrade : first, canadian oil producers have lowered their long - term outlook for global oil prices, and have cut their plans for investment spending significantly more than previously announced. second, china ’ s economy is undergoing a structural transition to slower, domestic - driven growth, which is reducing canadian exports of a range of other commodities. third, canada ’ s non - resource exports have also faltered in recent months. while this is partly due to the first - quarter setback in the u. s. economy, it ’ s still a puzzle that merits further study. given the collapse in oil prices, and declines in some other key non - energy commodities, the economy is now operating on two distinct growth tracks : the resource track and the nonresource track. these tracks are not independent – the cancellation of an investment in the oil patch will often lead to a hit in the manufacturing sector, for example. but we can do some rough decompositions to illustrate the situation. i draw your attention to chart 18, on page 19 of the mpr. there we can see the sharp drop in oil and gas output, which constitutes 10 per cent of our economy, and the slowdown in non - energy commodity production, which represents a further 8 per cent. the remaining 82 per cent is seeing steady growth, although it has moderated slightly so far this year, due to the setback in the u. s and spillovers from the resource sector. as the non - resource track regains momentum, it is expected to become the dominant trend at the aggregate level. we expected this to begin in the second quarter. but it did not, because of the three factors i listed above. a major shift in a country ’

mark carney : summary of the latest monetary policy report opening statement by mr mark carney, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, 20 october 2010. * * * good morning. tiff and i are pleased to be here with you today to discuss the october monetary policy report, which the bank published this morning. the global economic recovery is entering a new phase. in advanced economies, temporary factors supporting growth in 2010, such as the inventory cycle and pentup demand, have largely run their course and fiscal stimulus will shift to fiscal consolidation over the projection horizon. the bank expects that private demand in advanced economies will become sufficiently entrenched to sustain the recovery. however, the combination of difficult labour market dynamics and ongoing deleveraging in many advanced economies is expected to moderate the pace of growth, relative to prior expectations. these factors will contribute to a weaker - than - projected recovery in the united states in particular. growth in emerging - market economies is expected to ease to a more sustainable pace as fiscal and monetary policies are tightened. heightened tensions in currency markets and related risks associated with global imbalances could result in a more protracted and difficult global recovery. the economic outlook for canada has changed. the bank expects the economic recovery to be more gradual than it had projected in july, with growth of 3. 0 per cent in 2010, 2. 3 per cent in 2011, and 2. 6 per cent in 2012. this more modest growth profile reflects a more gradual global recovery and a more subdued profile for household spending. overall, the composition of demand in canada is expected to shift away from government and household expenditures towards business investment and net exports. the strength of net exports will be sensitive to currency movements, the expected recovery in productivity growth, and the prospects for external demand. inflation in canada has been slightly below the bank ’ s july projection. the recent moderation in core inflation is consistent with the persistence of significant excess supply and a deceleration in the growth of unit labour costs. the bank judges that the output gap is slightly larger and that the economy will return to full capacity by the end of 2012 rather than the beginning of that year, as had been anticipated in july. the inflation outlook has been revised down and both total cpi and core inflation are now expected to converge to 2 per cent by the end of 2012, as excess supply in the economy is gradually absorbed and inflation expectations remain well - anchored.