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Release of the Financial System Review

· Tiff Macklem, Governor of the Bank of Canada (Canada)

Summary written by Dark Majestic in its own words · topics: financial stability

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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Financial System Review

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the release of the Financial System Review, Ottawa, Ontario, 18 May 2023.

Why it mattersMacklem warns that a severe recession could interact with Canadian household debt.

Problems raised
  1. Global financial stress could re-emerge.
  2. Canadian financial vulnerabilities exist.
  3. A severe recession could interact with vulnerabilities.
Solutions proposed
  1. Monitor financial stability closely.
  2. Keep the financial system resilient.
  3. Communicate risks through the Financial System Review.
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