- Indicates he will not be a candidate for Governor of the Bank of England : intends to fulfill his current role.
- Say’s there is an element of safe-haven premium to C$; country should use incoming capital to grow economy, not build houses.
- Adjustment is beginning in the the Canadian housing market, helping adjust pace of growth in household debt.
- If additional steps are needed to curb housing market, including by Bank of Canada , “we will take them”.
- Says opportunity in Asian market goes beyond oil and includes manufacturing ; businesses need to get there quickly.
- Says energy relationship with China important, also sees many opportunities to grow energy sector within Canada.
- Says may withdraw some monetary stimulus if economy continues to grow above trend.
- Canadian financial system firing on all cylinders and so we will have to adjust if appropriate.
- Says world a dangerous place at the moment, global slowdown has had a knock-on effect on Canada.
- There is no banking crisis brewing in Canada despite S&P “negative” outlook on major banks.
- Defends ECB measures announced at end of July as major shift in way ECB is addressing the Euro area debt crisis.
- Says European monetary union will need to set up single European regulator under jurisdiction of ECB.
- Major banks in the world may be in position within next one to one and a half years to meet new capital requirements they have to meet by end 2019.
- Says Libor and other financial scandals are aftermath of “dark period” in financial history; U.K. now at forefront of financial reforms.
- Says he’s still leaning towards rate hike.
A little talkative today , wasn’t he. The Loonie remains firm at 0.9940.
