• BOC says sharp intensification of crisis has called into question certain financial practices.
• BOC’s Carney says in parallel with rate cuts, has provided exceptional liquidity to financial sector.
• BOC’s Carney says remains ready to provide exceptional liquidity as long as conditions warrant.
• BOC’s Carney says Canada’s monetary policy remains effective, unlike in some other countries.
• BOC’s Carney says absolutely necessary to change executive compensation in big financial institutions.
• BOC’s Carney says BOC is not “tapped out”, still has room to cut rates and take other steps.
• BOC’s Carney says pass-through of past interest rate cuts in Canada has been underestimated.
• BOC’s Carney says if needed BOC can expand scale, term of liquidity operations and institutions it deals with. And finally
• BOC’s Carney says M1 growth globally is now above nominal GDP growth which is normally a precursor of expansion.