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

Bank of Canada Governor David Dodge today said that the pursuit of financial system efficiency is an important way for regulators to "best serve the public and contribute to sustainable economic growth and prosperity in Canada."

The Bank of Canada has been contributing to the goal of an efficient financial system in a number of ways. The Bank's monetary policy aims to keep inflation low, stable, and predictable.

Today, I will talk about two types of global economic imbalances. The first relates to the way that savings and investment are being distributed across countries in an increasingly uneven way. The second is the possibility that, over the next couple of decades, the global economy might face a protracted period in which desired savings exceed planned investment, partly because of demographic trends.

The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 3/4 per cent.