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- BoC's governor Macklem: Bold policy response to the pandemic will make economy and financial system more vulnerable to economic shocks - Reuters
BoC's governor Macklem: Bold policy response to the pandemic will make economy and financial system more vulnerable to economic shocks - Reuters
- Canada came into the pandemic with a number of vulnerabilities and it “seems certain” the country would exit with higher levels of government debt
- As much as bold policy response was needed, it will inevitably make economy and financial system more vulnerable to economic shocks down the road
- Without fiscal and monetary policy actions, economic devastation of the pandemic could have been much, much worse
- Full recovery will take long time; many risks remain
- Nobody wants to return to lockdown, but second wave could test our resolve to practice physical distancing and keep the pandemic from spreading uncontrollably again
- BoC is keeping a close eye on household debt levels and Canada’s housing market, both of which were vulnerabilities coming into the pandemic
- BoC will continue to assess the risk that credit losses could become large enough that banks need to tighten credit conditions; if this happens, our banking system would go from being a tailwind that supports recovery to being a headwind
- BoC is not discussing negative interest rates, but "never say never"
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