Speeches
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August 25, 2009
The Canadian Economy Beyond the Recession
The theme of the conference, "managing the recovery," is particularly timely: As we move past the gravest dangers of the financial crisis toward better days, attention has turned to the policy challenges posed by the recovery. -
August 22, 2009
Some Considerations on Using Monetary Policy to Stabilize Economic Activity
Walsh's paper highlights many useful lessons that can be learned from the conventional framework and its various extensions. However, the financial crisis provides a stark and costly reminder of just how incomplete the standard model is. -
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July 23, 2009
Release of the Monetary Policy Report
Global economic activity appears to be nearing its trough, and there are increasing signs that activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system. -
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June 18, 2009
From Green Shoots to the Harvest: Comments on Financial Stability
From the initially careful references to data that suggested a slowing of the rate of decline in global activity, the use of the term "green shoots" has quickly evolved. -
June 11, 2009
Rebalancing the Global Economy
The theme of this conference – "Adapting to a New World Order" – suggests that it is clear how global commerce and finance will be reorganized in the wake of the current crisis. However, the outcome is far from preordained. How we manage the rebalancing of the global economy could profoundly influence how open, equitable, and prosperous the New World Order will be. -
May 19, 2009
When the Unconventional Becomes Conventional: Monetary Policy in Extraordinary Times
The financial turbulence that began in the U.S. subprime-mortgage market in August 2007 reached maximum intensity towards the end of 2008, and enveloped the entire global economy. Strains that had previously been concentrated in a few major financial centers turned into a full-blown crisis, affecting both industrial and emerging-market economies through trade, financial, and confidence channels. -
May 6, 2009
Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce
These are difficult economic times, with the Canadian economy being buffeted by an intense and synchronized global recession. In recent months, that global recession has been exacerbated by delays in implementing measures to restore financial stability around the world.
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