What’s at stake is the future prosperity of many people, at a time when stability is sorely needed. 5/6  BIS central bankers' speeches  I would like to thank Rhys Mendes, Gitanjali Kumar and Grahame Johnson for their help in preparing this speech. 1 See the Institute of International Finance’s latest Global Debt Monitor (January 2019).
2 Abundant global savings and factors such as population aging have contributed to lower “neutral” interest rates  in advanced economies, including Canada. For more detail, see X. S. Chen and J. Dorich, “The Neutral Rate in Canada: 2018 Estimates,” Bank of Canada Staff Analytical Note No. 2018–22 (July 2018).