remarks by carolyn rogers senior deputy governor manitoba chambers of commerce march 9, 2023 winnipeg, manitoba economic progress report : thinking globally, acting locally introduction good afternoon, and thank you to the manitoba chambers of commerce and the associates of the asper school of business for supporting this event and giving me the opportunity to speak with you today. and thanks to all of you for choosing to spend your lunch hour with me. it ’ s a particular pleasure for me to be in winnipeg. i still consider this city — and this province — to be home. i was born here, grew up here, attended university here and started my career here. and i still have a lot of family, friends and former colleagues in manitoba, so this feels a bit like a homecoming for me. yesterday was international women ’ s day, and i had the opportunity to meet with an inspiring group of women leaders from across this province. today i am looking forward to hearing from you. the bank regularly surveys canadian consumers and businesses as part of our work. but having the chance to hear from you directly about how your communities and businesses are navigating economic decisions day - to - day is very important to us. we know the decisions we make have a real impact on people. and i do plan to spend some time discussing the bank ’ s decision yesterday to hold interest rates steady and letting you in on our thinking as we made that decision. but let ’ s start by setting the scene. i ’ ll begin with inflation because that ’ s what we target. we can all agree that it ’ s still too high. it has started to come down, but, at 5. 9 %, we still have a way to go to get back to our 2 % target. our monetary policy is working to do just that. increases in our policy interest rate are starting to slow demand, giving supply time to catch up and taking some of the pressure off prices. i would like to thank subrata sarker and fares bounajm for their help in preparing this speech. not for publication before march 9, 2023 1 : 40 p. m. eastern time - 2we know that adjusting to higher interest rates has been hard for many canadians. our policy rate is at levels not seen for 15 years. we also know that many canadians are asking how making their mortgage more expensive while they ’ re dealing with higher grocery bills will eventually lower inflation and make their lives easier. we ’ re also often asked how raising interest rates will

investors will be acting in an investor centric way. a strong investor culture, based on establishing trust and confidence with investors could be what sets a firm apart in an increasingly digital investment environment. a prevailing theme is also the impact of different fee arrangements for retail investors as compared with the more favourable terms offered to institutional investors. of course, there can be underpinning reasons for this, such as economies of scale and so on. notwithstanding this, a firm which has strong investor centric culture, will be challenging themselves on such fee arrangements to assess whether they are justifiable and appropriate. building an effective culture for retail investors understanding and addressing these challenges will require action across the board by firms, industry representatives, policy makers and regulators. without action to address these issues, we risk increasing disengagement from retail investors with traditional capital markets. we know that the trust of investors is hard earned, and easily lost. as we seek to encourage greater retail participation in capital markets it will be important that all of us play our role in supporting that trust. before i conclude, i would like to spend a few minutes discussing the challenge of how to navigate the changing and evolving environment in a way that maintains and builds trust to the extent that new retail investors may be attracted to engage and invest. as you might expect, for regulators and public policy makers, this is primarily about better investor outcomes, ensuring their interests are upheld, and client assets are protected. high quality regulation plays a vital role in supporting well - functioning markets. it ensures that investors are protected and that risks to financial stability are identified and mitigated. our interventions are intended to : promote and safeguard the integrity of the funds sector and maintain confidence in the financial system more generally ; and identify and mitigate systemic risks which may arise. high quality regulation plays a vital role in supporting well - functioning capital markets. there is a direct link between effective regulation and ultimately better investor outcomes. regulatory intervention should : support innovation and product development to meet the changing needs of investors and the broader evolution of the global financial sector ; and 4 / 6 bis - central bankers'speeches be appropriately calibrated in order to achieve the right outcomes without being unduly onerous on market participants. ultimately, any inefficiencies that may be created will be borne either by the end investors or users of the financial service. at the start of my remarks today, i noted the similarity of purpose that both the international investment funds association and iosco have in