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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 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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Learning and earning

October 7, 2020

Due to the COVID‑19 pandemic, many Canadians lost their jobs or were forced to work reduced hours. The impacts of the crisis varied for people with different levels of education.
To see this, we again use data from Statistics Canada. We look at prime-age workers (aged 25 to 54) in April 2020, when a substantial part of the economy was shut down to contain the spread of the virus. Since February 2020, about 13 percent of workers have lost their jobs. Most of the losses have been concentrated in jobs that require physical contact and are not considered essential to our daily lives.
For example, around 24 percent of workers in personal service (e.g., salespersons, chefs, servers and cleaners) lost their jobs. In contrast, jobs that can be done remotely (e.g., managerial, business, finance,

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Bank of Canada Senior Deputy Governor Carolyn A. Wilkins will not seek second term

September 17, 2020

FOR IMMEDIATE RELEASE

Available as:
PDF

The Board of Directors of the Bank of Canada announced today that Senior Deputy Governor Carolyn A. Wilkins informed them that she will not seek a second term. Her current term runs to May 1, 2021. The Board will initiate a search process to select her successor. 
“It has been a great honour and privilege to serve Canadians in this role, and throughout my 20 years at the Bank,” Senior Deputy Governor Wilkins said. “My time at the Bank has been the most fulfilling period of my career – a

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Bank of Canada maintains commitment to current level of policy rate, continues program of quantitative easing

September 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. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds.
Both the global and Canadian economies are evolving broadly in line with the scenario in the July Monetary Policy Report (MPR), with

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Closing remarks

August 26, 2020

Remarks (delivered virtually)

Bank of Canada Workshop: “Toward the 2021 Renewal of the Monetary Policy Framework”

Available as:
PDF

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Opening remarks

August 26, 2020

Opening remarks (delivered via webcast)

Bank of Canada Workshop: “Toward the 2021 Renewal of the Monetary Policy Framework”

Available as:
PDF

Bonjour tout le monde, et bienvenue à notre colloque virtuel. Thank you all for joining our workshop on the renewal of the Bank of Canada’s monetary policy framework in 2021.
Renewal is just around the corner—hard to believe. Bank researchers have made a lot of progress since we kicked off our workplan in 2018. That seems like a thousand years ago

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Our COVID-19 response: Large-scale asset purchases

August 25, 2020

The Bank of Canada has taken many actions to support Canadians since the COVID-19 pandemic struck. These include large-scale asset purchases—buying a substantial amount of government bonds and other financial assets. Our purchases serve two purposes. They help key financial markets work properly, and they can help increase spending in the economy. This leads to more employment and stronger economic growth.

Paul Beaudry

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