Browse press

Insights from financial markets are somewhat fleeting at the moment. A broad range of asset prices from the Canadian dollar to S&P500 futures to European sovereign spreads are unusually correlated and volatile.

Keynes wrote prophetically of the economic consequences of the Treaty of Versailles. Could the same be said of current financial reforms? Are policy-makers taking for granted the essential role performed by finance in a vain pursuit of its risk-proofing?

We are three years into the global financial crisis, and its dynamics still dominate the economic outlook. In particular, broad forces of bank, household, and sovereign deleveraging can be expected to add to the variability and temper the pace of global economic growth in the years ahead.

The global economic recovery is proceeding but is not yet self-sustaining. A greater emphasis on balance sheet repair by households, banks, and governments in a number of advanced economies is expected to temper the pace of global growth relative to the Bank’s outlook in April.

From the end of 2008 to the middle of last year, Canada experienced a short, sharp recession. With the exception of government spending, all major components of aggregate demand declined, and industrial production dropped 15 per cent.

From the end of 2008 to the middle of last year, Canada experienced a short, sharp recession. With the exception of government spending, all major components of aggregate demand declined, and industrial production dropped 15 per cent. Canadian exporters suffered particularly, owing to the sharp fall in the components of U.S. economic activity that matter most for Canada.

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.

Good morning, Mr. Chairman and committee members. I am pleased to appear before this committee today to discuss the Bank of Canada’s views on the economy and our monetary policy stance.

Good afternoon, Mr. Chairman and committee members. I am pleased to appear before this committee today to discuss the Bank of Canada’s views on the economy and our monetary policy stance.

Good Morning. I am pleased to be here with you today to discuss the April Monetary Policy Report, which the Bank published this morning.