caroline abel : closing remarks - bank failure simulation workshop closing remarks by ms caroline abel, governor of central bank of seychelles, at the bank failure simulation workshop, victoria, 1 april 2022. * * * facilitators, participants. we have come to the end of what has been a busy and fruitful week, and gauging from the interactions that i have witnessed, i am sure that all participants have a better appreciation of the importance of a practical and effective bank resolution framework and what this entails. in addition to bringing light to pertinent matters relevant to bank resolution, the workshop has given us the opportunity to navigate a simulated crisis. it has been a valuable learning experience, allowing us to understand the process when a bank actually fails and to identify gaps in our framework and capacity. importantly, this should bring home that each of us in our functions within our respective authorities needs to be aware of our responsibilities, decisions that need to be taken and actions that need to be performed in the face of a crisis. a very important takeaway is that a bank crisis can unfold quickly and have severe social and economic ramifications. as such, planning should be a priority and should happen well before the emergence of a crisis as this facilitates decision - making and yields effective resolution. the next step for the local authorities is to take what has been learnt over the past five days and apply it to the policy decisions relating to bank resolution, which is work - inprogress. i reiterate the sentiments expressed at the start of this workshop that this should not be a one - off exercise. we should leverage the momentum that has been built and maintain it even when the bank resolution framework has been reviewed and finalised. the framework will need to be tested, capacity will need to be continuously developed and co - operation mechanisms amongst relevant authorities will need to be put in place and strengthened. effective bank resolution and financial stability are in our interest, not only professionally but as consumers of bank services and agents in our country's economy. let us continue working together towards this important objective. to conclude, i would like to say thank you to all the participants for your active engagement in this workshop and for your commitment in the simulation exercise, which you approached as you would a real situation. i also wish to extend our sincere appreciation to james and the team for guiding us through the theoretical elements of this subject of crucial importance and most importantly, for your candid sharing of practical experience gained dealing

mr. thiessen discusses global uncertainties and the canadian economy remarks by the governor of the bank of canada, mr. gordon thiessen, to the st. john ’ s board of trade in st. john ’ s, newfoundland on 23 / 9 / 98. i am delighted to have been invited to speak to the board of trade on this occasion when the bank of canada ’ s board of directors is meeting here in st. john ’ s. this past year, we have had to deal with the implications for our economy and our currency of increased global uncertainty and pressures arising from the problems that originated in southeast asia. i am sure that the effects of these developments, especially on primary commodities, such as oil and nickel, are already very familiar to newfoundlanders. to understand what is going on, we need to look at the nature of the forces that are currently affecting our economy. we also need to correctly identify cause and effect when it comes to the decline in the external value of our currency over the past 12 months. the commentary on this subject has not always been helpful. i would like to start my presentation with a quick review of international developments, focusing on the extent to which the problems in southeast asia have persisted and spread. next, i will discuss the implications of these developments for the canadian economy and give you the bank ’ s latest assessment of the outlook. i can tell you now that i believe that the key trends in our economy remain positive. lastly, i will talk about the decline in the external value of the canadian dollar and about the response of monetary policy to that decline. the world around us for over a year now, volatility and uncertainty have been the main traits of the international environment in which canada operates. the financial crisis started in southeast asia in the summer of 1997, then spread to south korea, and in turn exacerbated the domestic economic difficulties that japan was already facing. recently, russia has been added to the list of afflicted countries, and now some countries in latin america are under pressure. as with the crisis in asia, the financial problems in russia have reverberated around the world through foreign exchange, stock, and bond markets, touching off concerns of still further contagion. it is certainly easier now, with the benefit of hindsight, to see the extent to which many investors from industrial countries were attracted to higher - yield investments in emergingmarket countries, without fully appreciating the risks involved. when investors