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I took over as the Bank’s Deputy Governor for Financial Stability just under a year ago. Today I’ll step back to offer some remarks on how we think about financial stability and ...

The last time a Bank of Canada governor spoke to the Canada-UK Chamber of Commerce it was 2018. My predecessor, Stephen Poloz, spoke to you about low global interest rates, the steady reduction of inflation risks and the successful conclusion of the North American trade negotiations. Brexit was in motion but not yet a reality. How the world has changed in just six years. The pandemic, Russia’s unprovoked invasion of Ukraine, and a global battle against inflation have altered the economic landscape. Concerns about national and economic security are changing trade, investment, and business decisions. Accelerating digitalization, particularly artificial intelligence (AI), is creating new competition for economic power. Geopolitical tensions are shifting economic relationships, and industrial policy is making a comeback. In my time with you today, I’ll talk about how trade is changi The pandemic, Russia’s unprovoked invasion of Ukraine, and a global battle against inflation have altered the economic landscape. Concerns about national and economic security are changing trade, investment, and business decisions. Accele post: BOC'S GOV. MACKLEM: THE COST OF GLOBAL GOODS MAY NOT FALL AS FAST AS GLOBALIZATION, AND THAT COULD PUT MORE UPWARD PRESSURE ON INFLATION. post: BOC'S MACKLEM: SEEMINGLY VAST POTENTIAL OF DIGITALIZATION SUGGESTS FUTURE GROWTH IN TRADE WILL TILT TO SERVICES || CANADA NEEDS TO BUILD BETTER TRADE RELATIONSHIPS AND PRODUCE THE PRODUCTS PEOPLE WANT TO BUY post: BOC'S MACKLEM: **WE HAVE TO FOCUS ON RISK MANAGEMENT, BALANCING UPSIDE RISKS TO INFLATION WITH DOWNSIDE RISKS TO ECONOMIC GROWTH **TRADE DISRUPTIONS MAY ALSO INCREASE THE VARIABILITY OF INFLATION **COST OF GLOBAL GOODS MAY NOT FALL AS FAST AS GLOBALIZATION, AND THAT COULD…