bostjan vasle : speech – slovenian bankers'day speech by mr bostjan vasle, governor of bank of slovenia, at the slovenian bankers'day, organised by the bank association of slovenia, ljubljana, 24 november 2021. * * * ladies and gentlemen, my greetings to you all! i am delighted to be able to speak to you again at your annual gathering, although i would much rather be able to do this in real life. alas, the worsening health situation makes this impossible. the great uncertainty surrounding the future evolution of the health situation is not affecting just our gatherings, but also the entire economic picture in slovenia, in europe and across the globe, and thus economic policy decisions too, including monetary policy, about which i will say more later. the slovenian and euro area economies have recovered well in recent quarters : slovenia has already surpassed its pre - pandemic gdp, while the euro area overall is very close to reaching it. the unemployment rate has fallen, and firms are again facing labour shortages. a key contribution to this positive picture has been made by economic policy : fiscal support to alleviate the impact of the pandemic amounted to more than 5 % of gdp in slovenia last year, and will be slightly lower this year at around 4 % of gdp. similar large - scale packages have been seen throughout the euro area. in the area of monetary policy too we have put in place the largest measures to date. there are two key measures : ( i ) the pandemic emergency purchase programme, in the amount of eur 1, 850 billion, and ( ii ) extremely low - cost long - term loans to banks in the amount of eur 2, 200 billion. the two measures together amounted to an incredible 36 % of euro area gdp. but uncertainty remains high, with regard to the health picture and the economic picture alike. despite the availability of vaccines, the health situation is worsening again, and the pandemic is once again curtailing economic activity. further uncertainty relates to the normalisation of our policies, which we will have to embark on in the months ahead. meanwhile other effects of the pandemic and the measures are becoming evident : after several years of low inflation, the rate passed 4 % in the euro area and 3. 5 % in slovenia in october. it will rise slightly further before the end of the year. for the moment the rise is largely being ascribed to temporary factors related to developments and measures during the early part

mark carney : the three rs – review, reflect, and reaffirm remarks by mr mark carney, governor of the bank of canada, to the greater victoria chamber of commerce, victoria, british columbia, 28 september 2009. * * * september is a time to review the past, reflect on the present, and reaffirm goals for the future. like students who returned to school this month, i will follow this annual discipline today by ( i ) reviewing the extraordinary events of the past year ; ( ii ) reflecting on the policy response and the current economic outlook ; and ( iii ) reaffirming the bank of canada's commitment to price stability. while this september brings signs of renewed growth around the globe, the recovery is in its earliest stages and almost entirely driven by public policy. over the medium term, a difficult hand - off from public - to private - led growth must occur. over the longer term, the economic environment will be challenging as the global economy undergoes a fundamental restructuring. review a year ago, we were in the midst of the most severe economic crisis since the great depression. major institutions had collapsed, and the very functioning of the global financial system was threatened. virtually every financial asset in the world was being repriced : equity markets plunged, credit spreads soared, and currency volatility spiked. the financial crisis in the united states, the united kingdom, and continental europe spread rapidly through financial, trade, and confidence channels, triggering a synchronous and deep global recession. major central banks reacted immediately by providing hundreds of billions of dollars in extraordinary liquidity to keep the system functioning. on 8 october, g - 10 central banks, including the bank of canada, conducted an exceptional, coordinated interest rate cut of 50 basis points, the first since the 11 september terrorist attacks. a few days later, the g - 7 took decisive action. in a historic meeting on 10 october 2008, g - 7 countries, including canada, committed to : • use all available tools to support systemically important financial institutions and prevent their failure. • take all necessary steps to ensure that banks and other financial institutions have broad access to liquidity and funding. • ensure that our banks can raise capital from public as well as private sources, in sufficient amounts to re - establish confidence and permit them to continue lending to households and businesses. the ambition and clarity of these commitments were unprecedented. in those countries at the heart of the crisis, governments re - capitalized banks and