in many countries and regions. it is therefore important to strive for an early global understanding, before national choices become entrenched. to some extent, every country will choose its own path to decarbonise, depending on national circumstances. however, climate change knows no boundaries. tackling it is a global challenge that calls for strong international cooperation. with appropriate coordination, every country ’ s effort is reinforced by the actions of all the others. that is why the italian presidency of the g20 chose climate change as one of its key priorities, with a focus on data and disclosure in the finance track. we are also happy that unanimous agreement was reached at the latest meeting of fms and cbgs to upgrade the sustainable 1 / 2 bis central bankers'speeches finance study group to a working group. in order to start this roundtable with a clear picture of the available options, we asked the international energy agency to share their views on how the transition is evolving from a real economy perspective. this is important for identifying the right policies to achieve climate objectives, while at the same time ensuring energy security and affordability for all. it is particularly important in the context of today ’ s roundtable to clarify the role of the private sector. i am now pleased to introduce mechthild worsdorfer, director of the sustainability, technology and outlooks department of the international energy agency, as our keynote speaker today. ms worsdorfer will present the main results of the iea ’ s new flagship publication, ‘ net zero in 2050 : a roadmap for the global energy sector ’, which will be out tomorrow. i wish you all a very instructive and constructive discussion. ms worsdorfer, the floor is yours. 2 / 2 bis central bankers'speeches

david dodge : summary of the latest monetary policy report opening statement by mr david dodge, governor of the bank of canada, at a press conference following the release of the monetary policy report update, ottawa, 27 january 2005. * * * today, we released the update to our october monetary policy report. the update reviews economic and financial trends in the context of canadaa€™s inflation - control strategy. the outlook for the canadian economy continues to be shaped by global developments, including the realignment of world currencies. the near - term outlook for the global economy is a touch weaker than projected in the october report, but more solidly based because of somewhat lower oil prices and greater confidence in the momentum of the u. s. economy. we expect the canadian economy to operate a little further below its full production capacity in 2005 than was anticipated at the time of the last report, largely reflecting the dampening effects on aggregate demand of the recent appreciation of the canadian dollar. for 2006, we project growth to pick up to slightly more than 3 per cent, consistent with returning the economy to its production capacity in the second half of the year, and returning core inflation to 2 per cent around the end of 2006. in line with this revised outlook, the pace of reduction in monetary stimulus is likely to be slower than that envisioned in the october report. there are both upside and downside risks around the outlook, which continue to relate to the adjustment to global developments. as circumstances change, we always need to be ready to re - assess the policy implications.