News

The Board of Directors of the Bank of Canada today announced the appointment of Timothy D. Lane as Deputy Governor and member of the Governing Council of the Bank effective 18 February.

Let me state at the outset that the speed and synchronized nature of the recent global downturn has resulted in a heightened degree of uncertainty, which is evident in the diverse views on the outlook.

Canadians can be confident that monetary policy will maintain a "relentless" focus on controlling inflation, whether it rises above or drops below the official target range, Bank of Canada Governor Mark Carney said today.

These are challenging times, indeed. We are facing a financial crisis without comparison for generations. Most financial markets have experienced historic declines in prices and unprecedented spikes in volatility.

In the Update, the Bank noted that the outlook for the global economy has deteriorated since the October Monetary Policy Report, with the intensifying financial crisis spilling over into real economic activity.