"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.
By a narrow margin, the survey results point to continued tightening in credit conditions during the third quarter, following a period of substantial credit tightening for business borrowers (Chart 1).
In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 20 October (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation as follows.
Recent indicators point to the start of a global recovery. Economic and financial developments have been somewhat more favourable than we expected in July, although significant fragilities remain.