News

Timothy Hodgson, Chief Executive Officer of Goldman Sachs Canada, has been appointed Special Adviser to the Governor. During a period when financial regulation and market infrastructure are evolving rapidly, the Bank of Canada will benefit from Mr. Hodgson’s profound and extensive experience in investment banking and markets.

Governor Mark Carney has been named Chairman of the Committee on the Global Financial System (CGFS), a forum for central banks to discuss policy issues related to financial markets and systems.

The Board of Directors of the Bank of Canada today announced the appointment of Agathe Côté as Deputy Governor of the Bank effective 30 July 2010.

The recent past has underscored the fact that, in finance and the economy, most things are interconnected on a global scale. Throughout its history, Canada has been powerfully affected by events elsewhere.

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.