Finance committee  Thank you very much, Chair. Good afternoon, members. Tiff and I are very pleased to be with you today to discuss our October monetary policy report, which we published last week. The global economy has unfolded broadly as the Bank projected in its July MPR. Growth has slowed

Finance committee  --to Harvard to Ottawa--

Finance committee  I'll try to be quick. It's an important question. To bring it together, Dutch disease means technically that you have a spike in activity because of a spike in the price of a product that then goes down. Our view is that commodity prices are going to stay elevated for some time,

Finance committee  Shouldn't we end on that rousing...?

Finance committee  As the member knows, everything that can be done to enhance the portability of trades across the country—and much has been done.... Anything more that can be implemented to ensure that always bears monitoring: how well things have worked in practice as well as in theory. Of cour

Finance committee  That question should be put to the federal government and provinces, not the Bank of Canada. With respect to companies, it is always a good idea to think in the medium term. On a global scale, companies—and that includes companies that work in the commodity sector for example—ha

Finance committee  I think the lessons of the Canadian financial system can be boiled down to three or four lessons: a focus on real capital; a belt-and-suspenders approach with a leverage ratio, so you look at actual assets over actual capital and not just risk-weighted; a proactive supervision mo

Finance committee  I will answer the first question and Mr. Macklem will answer the second. Let's discuss the relationship between our currency and emerging countries' currencies. Last week, China increased its currency's flexibility. That is a good thing because it is absolutely essential to incr

Finance committee  Could you just repeat...? The concerns are....

Finance committee  Oh, LIBOR. Yes. We're not privy to any particular information, but as you're aware, the performance of LIBOR is a key reference rate. During the course of the crisis it did not move as much as underlying tensions in the market would have suggested it could have moved.

Finance committee  The Competition Commissioner from the Competition Bureau of Canada is engaged in the investigation. As I said, we're not privy to any information, but it's certainly being handled in the right hands.

Finance committee  Yes. The way U.S. officials have to behave, and do behave, is that when they put out a rule they are entirely in receipt mode in terms of comments. Their job is to understand the comments and then decide whether they have merit and make adjustments accordingly. That's their legis

Finance committee  Pause is normally a euphemism for rewind.

Finance committee  I'll look for this book with interest. I think one of the things to recognize, whether you term it a jobs war or the changing nature of work, is that because of trade and technology, a variety of tasks are being transformed and elements of them are becoming tradeable, if you will

Finance committee  Now to Volcker and shadow banking. On Volcker, we have made our concerns known to the Secretary of the Treasury and the chairman of the Federal Reserve. Obviously we respect absolutely the sovereign right of the United States or any country to regulate their financial affairs w