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Louise Egan

Louise Egan

Communications at the Bank of Canada. Opinions my own and mostly kept offline anyway.

Articles by Louise Egan

Bank of Canada announces 2020-21 scholarship recipients

13 days ago

FOR IMMEDIATE RELEASE

The Bank of Canada is pleased to announce this year’s recipients of its scholarship awards for students with disabilities, Indigenous students and students who identify as a woman or as a member of a visible minority or racialized group, or person of colour. Each award combines tuition assistance with the opportunity of a work placement at the Bank. These scholarships are designed to encourage Canadians from diverse backgrounds to further their education and consider employment in fields related to the work of the Bank.
The 2020-21 award recipients are as follows:

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University of Alberta crowned National Champion of The Governor’s Challenge

14 days ago

FOR IMMEDIATE RELEASE

The University of Alberta has won the Bank of Canada’s sixth annual Governor’s Challenge, a national student competition in which teams simulate the role of advisor to the Bank’s Governing Council. The winners were announced following the final round on Saturday, February 13.
Governor Tiff Macklem congratulated all the participants on their grasp of the monetary policy-making process and encouraged them to consider a future career in the public service. “This is my first year taking part in the Governor’s Challenge, and I was thoroughly impressed with the calibre

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Canadian universities propose designs for a central bank digital currency

19 days ago

The Bank of Canada is researching potential system designs and business models for a digital currency that, like a banknote, would be widely accessible, secure and denominated in Canadian dollars. To solicit additional ideas, the Bank engaged three independent project teams in 2020 to conduct exploratory design work with minimal direction from the Bank. All three design proposals were published today in reports from:
University of Calgary
McGill University
University of Toronto and York University (joint submission)
While the Bank is ramping up contingency planning for a central bank digital currency, it currently has no plans to issue one.

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Monetary Policy Report Press Conference Opening Statement

January 20, 2021

Opening statement

Available as:
PDF

Good morning. Thank you for joining me to discuss today’s policy announcement and the Bank’s Monetary Policy Report (MPR).
Our message today is threefold. First, the current surge of COVID-19 is a serious setback. With elevated infection rates and stricter containment measures in many parts of the country, households and businesses are facing renewed strains. The economy is slowing, and high-contact activities are once again being hit hardest.
Second, with effective vaccines now rolling out, the

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Bank of Canada will hold current level of policy rate until inflation objective is achieved, continues quantitative easing

January 20, 2021

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least $4 billion per week.
The COVID-19 pandemic continues to take a severe human and economic toll in Canada and around the world. The

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Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues its quantitative easing program

December 9, 2020

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least $4 billion per week.
The rebound in the global and Canadian economies has unfolded largely as the Bank had anticipated in its

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Bank of Canada announces finalists for the sixth annual Governor’s Challenge

November 24, 2020

FOR IMMEDIATE RELEASE

The Bank of Canada has announced the five finalist teams in the 2020-21 edition of The Governor’s Challenge, a competition where university students simulate the role of advisor to the Bank’s Governing Council.
Congratulations to:
Carleton University, coached by Raul Razo-Garcia
University of Alberta, coached by Malik Shukayev
University of Ottawa, coached by Lilia Karnizova
University of Toronto (St. George Campus) coached by Martin Burda and Angelo Melino
Wilfrid Laurier University, coached by Wing Chan
With special mention to the runner up teams:

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Reminder: Changes to legal tender status will take effect in 2021

November 19, 2020

FOR IMMEDIATE RELEASE

Available as:
PDF

This press release was originally posted on May 31, 2019.
In accordance with amendments to the Bank of Canada Act and the Currency Act approved by Parliament in 2018, the federal government recently decided to remove legal tender status from some older bank notes as of January 1, 2021. This change will affect the $1, $2, $25, $500 and $1,000 notes, which are no longer being produced. Essentially, this means that Canadians will no longer be able to use them in transactions.
Most

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Panel remarks

November 17, 2020

Remarks (delivered virtually)

Public Policy Forum

Available as:
PDF

I am very pleased to be here today, and I want to commend the Public Policy Forum for organizing this event.
Chairing the Expert Panel on Sustainable Finance was a rewarding experience. It was a privilege to work with the other panel members—Barbara Zvan, Andy Chisholm and Kim Thomassin. Together we met with hundreds of business leaders, financial experts and organizations across Canada.
I’ve taken a new job since

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Bank of Canada and OSFI launch pilot project on climate risk scenarios

November 16, 2020

FOR IMMEDIATE RELEASE

The Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) today announced plans for a pilot project to use climate-change scenarios to better understand the risks to the financial system related to a transition to a low-carbon economy. A small group of institutions from the banking and insurance sectors will participate voluntarily in the project.
Scenario analysis is a useful tool for identifying potential risks in an environment of considerable uncertainty. Climate-change scenarios related to a transition to a low-carbon economy

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Bank of Canada Senior Deputy Governor Carolyn A. Wilkins to leave the Bank in December

November 5, 2020

FOR IMMEDIATE RELEASE

Senior Deputy Governor Carolyn A. Wilkins has informed the Bank’s Board of Directors that her last day at the Bank will be December 9, 2020.
“It has been an honour to serve Canadians as Senior Deputy Governor of the Bank of Canada. I am immensely proud of what our team has accomplished over the years, and especially these past months to restore market functioning and support households and business during the pandemic,” said Senior Deputy Governor Wilkins. “The end of the year provides for an appropriate time for me to leave the Bank, so that I can explore the

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Monetary Policy Report Press Conference Opening Statement

October 28, 2020

Opening statement

Available as:
PDF

Good morning. Thank you for joining Senior Deputy Governor Wilkins and me to discuss today’s policy announcement and Monetary Policy Report (MPR).
Our main message today is that it will take quite some time for the economy to fully recover from the COVID-19 pandemic, and the Bank of Canada will keep providing monetary stimulus to support the economy through the recovery. 
Before turning to your questions, let me say a few words about our policy discussions.
Obviously, the Governing Council spent a

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Bank of Canada will maintain current level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program

October 28, 2020

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program. The Bank is recalibrating the QE program to shift purchases towards longer-term bonds, which have more direct influence on the borrowing rates that are most important for households

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Central banks and BIS publish first central bank digital currency (CBDC) report laying out key requirements

October 9, 2020

FOR IMMEDIATE RELEASE

Seven central banks and the BIS release a report assessing the feasibility of publicly available CBDCs in helping central banks deliver their public policy objectives.
Report outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue.
Central banks to continue investigating CBDC feasibility without committing to issuance.
A group of seven central banks together with the Bank for International Settlements (BIS) today published a report identifying the foundational principles necessary for any publicly available

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