Thank you for inviting me here today. It is a pleasure to be with you. This afternoon, I would like to talk about liquidity and the role of the Bank of Canada.
The beginning of a new year is a good time for reflection – a chance to look back over the past 12 months and consider what may lie ahead. Certainly, 2009 saw remarkable economic and financial upheaval around the world, which plunged Canada into a severe recession.
RemarksMark CarneyThe National Forum (Canadian Club of Toronto and Empire Club of Canada)
As the holiday season approaches, our attention turns naturally to the home front. Accordingly, my comments this afternoon will focus on households. I would like to concentrate in particular on the implications of Canadian household finances for financial stability in our country.
In response to the worst financial crisis since the 1930s, policy-makers around the globe are providing unprecedented stimulus to support economic recovery and are pursuing a radical set of reforms to build a more resilient financial system.
While conditions in the Canadian economy have improved since we met with you in May, many of the basic challenges remain. Before Paul and I take your questions, allow me to outline some of the highlights from our latest Monetary Policy Report, which the Bank released last week.