News & Press Releases
Bank of Canada Governor speaks about Reform of the Financial System
October 29,2009 News Description:
Mark Carney, Governor of the Bank of Canada, has said that financial institutions need to demonstrate an awareness of their broader responsibilities. Financiers should ask themselves every day how their activities affect systemic risk? And what are they doing to promote economic growth? During his address to the l'Autorite des marches financiers, Mr. Carney went on to say that " . . during the crisis, there are no atheists in foxholes, and there are no ideologues in financial crises. Policy-makers had to do many unpalatable things to save the economy from the financial system – a financial system that begged for mercy . . .We will not remind market participants of the many oaths they swore a year ago; nor do we expect scores of financiers to join religious orders. However, we do expect those fevered battlefield vows to be respected through daily peacetime concern for and contributions to building a better, more resilient financial system – a system that serves the real economy, by replacing those lost jobs and making up for that lost output. A full text of his speech can be found at: http://www.bis.org/review/r091028b.pdf?sent=091028
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