Opening statementDavid DodgeHouse of Commons Finance Committee
These meetings help us keep Members of Parliament and, through you, all Canadians informed about the Bank's views on the economy, and about the objective of monetary policy and the actions we take to achieve it.
The Canadian economy has grown faster than was projected in last April's Monetary Policy Report and the July Update, largely because of a surge in exports. It is now operating near its production capacity and continues to adjust to global economic developments.
The Prime Minister announced today that Mark Carney, Deputy Governor of the Bank of Canada, has been appointed Senior Associate Deputy Minister of Finance, effective 15 November.
The Canadian economy has grown faster than was projected in last April's Monetary Policy Report and the July Update, largely because of a surge in exports. It is now operating near its production capacity and continues to adjust to global economic developments.
The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 1/2 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 2 3/4 per cent.
Consultation documents, prepared jointly by the Department of Finance and the Bank of Canada on behalf of the Government of Canada, are being published today.