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.
While the Canadian economy will likely grow faster than the economies of the other G-7 countries next year, the Bank of Canada expects our recovery to be more protracted than usual – and more reliant on domestic demand, Bank of Canada Governor Mark Carney said today.
Policies and initiatives that help keep core markets functioning continuously, including in times of stress, promote the overall safety and soundness of our financial system.
A well-functioning international monetary system is required to promote economic growth and prosperity, Governor Carney said, as he reviewed the evolution of the international monetary system.
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.