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Macklem: Risk Management and Financial Reform
Good morning and thank you for the invitation. It is a pleasure to be here in Montréal, where I was born and raised. Sound risk management in Canada by both the private and the public sectors played a definitive role in steering us through the financial crisis. As you well know, none of our banks failed and none had to be rescued. And importantly, our financial system continued to function. So when the Bank of Canada injected exceptional liquidity and monetary stimulus, and the federal and provincial governments undertook extraordinary fiscal stimulus, credit flowed to households and businesses and they responded. ... (full story)