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Finance committee Sure. First of all, I'm very pleased to be here and I'm glad I'm missed. It's always good to be missed. A couple of comments.... Going back to Toronto, the Toronto summit of the G-20 was really the first place where this framework for a strong, sustained, balanced growth was put
October 26th, 2010Committee meeting
Tiff Macklem
Finance committee Of course, Canada is a large country. We consider data from across the country, and as the governor has just indicated, there is a single monetary policy for all of Canada. There are significant adjustments to be made throughout the country, and the more flexibility there is betw
October 26th, 2010Committee meeting
Tiff Macklem
Finance committee With respect to 2%, what is very clear is that you want a rate of inflation that is low, and in terms of delivering it, you want to focus on low, stable, and predictable. There are some good reasons you might not want to go all the way to zero. Since renewing the target at 2% i
October 26th, 2010Committee meeting
Tiff Macklem
Finance committee Could I add one point? It's worth stressing that the other element of the welfare of Canadians is getting the economy functioning at its level of potential output. At the moment, there are unused resources. So if you go back to table 2, what you see is that we're growing above po
October 26th, 2010Committee meeting
Tiff Macklem
Finance committee Certainly. As you indicated, there are a few elements to the new Basel III capital rules. First of all, let me just say that it's a very good agreement, with an appropriately lengthy transition period, reflecting the fact that it is a significant strengthening of the rules. In
October 26th, 2010Committee meeting
Tiff Macklem
Finance committee Could I just add one brief point?
August 19th, 2011Committee meeting
Tiff Macklem
Finance committee I will just add that for some time we have been stressing the need for Canada to increase its exposure to emerging markets. I'm on my way to India this evening and will be meeting with senior officials at the central bank and in the government, as well as with a number of leaders
August 19th, 2011Committee meeting
Tiff Macklem
Finance committee I'll say a few words with respect to the dynamics. In our July monetary policy report, we were already expecting a fairly weak second quarter, partly as a result of the supply chain effects relating to the earthquake and subsequent disasters in Japan. Also, looking back to the
August 19th, 2011Committee meeting
Tiff Macklem
Finance committee With regard to other countries, it is important to note that one of the major advantages of a flexible exchange rate is that we can have a monetary policy that is right for our country. As we have already mentioned, when the global recession hit, Canada fared much better than any
November 1st, 2011Committee meeting
Tiff Macklem
Finance committee The first part is also a very important question. Clearly, the first step was getting the new capital, the new liquidity, rules agreed to, including a limit on leverage. That's been done. Now emphasis is increasingly focused on implementation. Obviously, rules are only as good as
November 1st, 2011Committee meeting
Tiff Macklem
Finance committee I'll just say a few more words. The Financial Stability Board, as the coordinating mechanism, has put out a document describing how the FSB is going to work together with the standards setters to ensure rigorous implementation.
November 1st, 2011Committee meeting
Tiff Macklem
Finance committee Sure, I'll give a brief response. First of all, you've hit on a valid point. We have a fairly high level of public support for R and D. Where we don't do as well is in terms of private R and D and particularly the commercialization. There is something of a puzzle there. It's
April 24th, 2012Committee meeting
Tiff Macklem
Finance committee As you said, a change in the value of the Canadian dollar has various effects on companies, depending on their area of activity. For example, if we are talking about an import company, a stronger dollar means it is less expensive to buy goods or services from other countries. In
April 24th, 2012Committee meeting
Tiff Macklem
Finance committee We lost 430,000. We got those back, and we've added about another 380,000.
October 30th, 2012Committee meeting
Tiff Macklem
Finance committee I just want to mention two things. First, it is important to distinguish between the situation in Canada and the situation in a lot of other advanced countries. Our situation is quite different. Compared with other countries, Canada has the lowest debt-to-GDP ratio. As the gover
October 30th, 2012Committee meeting
Tiff Macklem