News

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 3 per cent.

Today, I'd like to discuss some of the crucial issues that we have been dealing with during this period. I'll begin with a brief overview of some key events that have led to the turbulence that continues to upset financial markets and that greatly contributed to the remarkably wide credit spreads that we now witness.

As is the case for so many cities and regions in Canada, London's economy and that of southwestern Ontario are directly affected by changes in the global economy. And, as with so many things in life, the better we understand the forces of change, the better equipped we are to deal with them.

The Bank of Canada today announced that Professor Michael Devereux of the University of British Columbia and Professor Shouyong Shi of the University of Toronto are the recipients of the Bank's Research Fellowship for 2008.

The Bank of Canada today announced that Professor Henry Siu of the University of British Columbia is the first recipient of the Governor's Award.