Canada's response to the COVID-19 pandemic will 'clearly lead to higher indebtedness' once the economic shock has passed, Bank of Canada governor Stephen Poloz warned Monday.
A woman walks past the Bank of Canada Wednesday September 6, 2017 in Ottawa. OTTAWA -- Canada's response to the COVID-19 pandemic will "clearly lead to higher indebtedness" once the economic shock has passed, Bank of Canada governor Stephen Poloz warned Monday.
And it can also increase the risk that a future negative shock will have a magnified effect on the economy, Poloz says.He says the bank is developing new tools to evaluate this trade-off between faster growth today and slower growth down the road. Over the course of the month, the central bank cut its policy interest rate to 0.25 per cent -- the lowest Poloz says it can go -- and began an unprecedented purchasing spree to help ease constraints in financial markets and allow governments to fund massive support programs.
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