Speeches
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13 December 2010 Living with Low for Long
Current turbulence in Europe is a reminder that the crisis is not over, but has merely entered a new phase. In a world awash with debt, repairing the balance sheets of banks, households and countries will take years. -
18 November 2010 Where the Economy and Finance Meet
As the title of my speech suggests, I would like to discuss the connections between the real economy – the tangible world of jobs, goods and services – and the more intangible world of finance – of money flows, interest rates and the stock market. They have a long and eventful history. -
9 November 2010 Looking Back, Moving Forward: Canada and Global Financial Reform
There is an old saying, “Knowledge is gained from experience, and experience is gained from mistakes.” In Canada, we made our mistakes early and often in the 1970s and 1980s. Our fiscal situation deteriorated sharply, inflation surged to double-digit levels, and a few small regional banks collapsed. -
27 October 2010 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce
We are pleased to appear before this committee today to discuss the Bank of Canada’s views on the economy and our monetary policy stance. Before I take your questions, I would like to give you some of the highlights from our latest Monetary Policy Report, which was released last week. -
26 October 2010 Opening Statement before the House of Commons Standing Committee on Finance
We are pleased to appear before this committee today to discuss the Bank of Canada’s views on the economy and our monetary policy stance. Before I take your questions, I would like to give you some of the highlights from our latest Monetary Policy Report, which was released last week. -
20 October 2010 Release of the Monetary Policy Report
The global economic recovery is entering a new phase. In advanced economies, temporary factors supporting growth in 2010, such as the inventory cycle and pent-up demand, have largely run their course and fiscal stimulus will shift to fiscal consolidation over the projection horizon. -
5 October 2010 Reflections on Monetary Policy After the Great Recession
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. -
30 September 2010 Employment in a Modest Recovery
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. -
14 September 2010 Bundesbank Lecture 2010: The Economic Consequences of the Reforms
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?