Carney: Crisis Not Over

March 11, 2010

Crisis Not Over by Leslie Jenkins

Mark Carney, the governor of the Bank of Canada does not believe that the global economic crisis is over. That is what he said to students of the Carleton University in his speech for the 75th anniversary of the bank. However, he also thinks that the new, modern methods of the bank are helping our country to recover completely.

"The aggressive and timely actions of global central banks, including the Bank of Canada, have not only averted the worst, but also created the prospect of a sustained recovery," Carney declared, adding that to financial regulation and to the international monetary system are necessary.

As for the future plans of the bank, the governor said that it is not going to repeat the mistake of the 1970’s. The central bank overestimated the rate of possible growth in the economy after the crisis back then… I have to say that it is really positive that the bank already knows what not to do. And yes, it’s doing a good job. Let’s just hope no unexpected traps are ahead of us.

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