Good afternoon. Let me begin by thanking Dean Hodgson for the invitation to be with you today. I wish it were under better circumstances. The events of the past few weeks clearly fit the definition of a “teachable moment” in my field, which is central banking. It is very worthwhile to think about them now when things are still fresh—indeed, so fresh that the episode is still in motion. I will set the scene very briefly. When I returned to the Bank of Canada as Governor in 2013, the economy was operating short of its full capacity and inflation was well below target—a legacy of the 2007–09 global financial crisis. I ... (full story)