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The effectiveness of Canada’s inflation-targeting regime, adopted in 1991, is well established, and partly responsible for the strength and relative stability of the Canadian economy, Governor Mark Carney of the Bank of Canada said today. “Over the past twenty years, Canadians have enjoyed a more stable and prosperous economic environment. Even during the recent crisis, […]

In his address to the 17^th Annual Economic Forum of the Americas, Senior Deputy Governor Tiff Macklem discusses the G-20 financial reform agenda and the role of central banks in mitigating systemic risk.

Barely three years ago, the financial crisis was a source of major concern worldwide. This unprecedented event had serious and costly repercussions, which we continue to feel today.

As a native Montrealer, I am particularly pleased to be coming home to deliver my first speech as Senior Deputy Governor of the Bank of Canada.

G-20 leaders are working towards global reforms that will put the world’s financial system on a more solid footing, Bank of Canada Governor Mark Carney said today.

Given this failure, the G-20’s agenda to reshape the global financial system is comprehensive and radical. The coming weeks and months will be pivotal to its success. The time for debate and discussion is drawing to a close. Policymakers now need to decide and to implement.

"The fundamental objective of the G-20 reforms is to create a resilient, global financial system that efficiently supports worldwide economic growth," Governor Carney said in a speech today to the Autorité des marchés financiers.

After briefly reviewing the current macrofinancial environment, I intend to concentrate on the G-20 reform agenda. The financial crisis has cost tens of millions of jobs and trillions of dollars in foregone output.

Countries around the world must work toward a new global economy that is open, resilient, and responsible, Bank of Canada Governor Mark Carney said today, as he laid out an agenda for the renewal of globalization.