Bank of Canada Governor Mark Carney expects the Canadian economy to grow through the rest of this year and signaled Tuesday he stands ready to use a variety of tools and policy options to ensure stability.
In a speech to the Saint John Board of Trade, Carney also said the European debt crisis is “fixable”, but urged a comprehensive recapitalization of European banks and a funding backstop for sovereign debt.
Speaking as the debt-stressed eurozone came under increasing strain, he said Canada is more threatened by the US where the economy is “close to stall speed”, but not likely to fall into recession.
He emphasized that the central bank has flexibility to respond to any external shocks, but fell short of signaling an interest rate cut.
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