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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

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

18 days ago

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

20 days ago

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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Sûreté du Québec and Canada Border Services Agency win Bank of Canada counterfeit prevention award

August 24, 2020

The Bank of Canada is pleased to announce the recipients of its 2020 Law Enforcement Award of Excellence for Counterfeit Deterrence.
This year’s winners were part of a joint investigation between the Sûreté du Québec (SQ) and the Canada Border Services Agency (CBSA).
Lyne Landry and Superintendent Renée Fontaine of the CBSA and Acting Lieutenant Serge Lachance (since retired) and Detective Sergeant Martin Parent of SQ led the joint effort to neutralize a large-scale counterfeiting operation in Trois-Rivières, Quebec, in 2019.
The award recognizes their joint investigation leading to the seizure of sophisticated counterfeiting equipment. This

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The Great Reset

August 20, 2020

Presentation

University of Victoria

Available as:
PDF

Deputy Governor Paul Beaudry speaks about Canada’s transition to a lower-carbon economy in a virtual panel organized by the Victoria Forum.

Topic(s):
Climate change

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Bank of Canada designates Interac e‑Transfer as a prominent payment system

August 10, 2020

FOR IMMEDIATE RELEASE

Bank of Canada Governor Tiff Macklem has designated Interac e‑Transfer ® as a prominent payment system under the Payment Clearing and Settlement Act, effective August 10, 2020. This brings Bank oversight to this payment system and ensures it remains a safe, viable and effective method of payment for Canadians.
The Bank regularly monitors the evolution of new and existing payment systems to determine whether they warrant oversight because of their potential to cause systemic or payment system risk. Designating Interac e‑Transfer as a prominent payment system means it

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Bank of Canada publishes its 2021 schedule for policy interest rate announcements and other major publications, makes change to effective date of rate decisions

July 30, 2020

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today published its 2021 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year.In addition, the Bank published its schedule for the release of the Business Outlook Survey and the Canadian Survey of Consumer Expectations.The scheduled dates for the interest rate announcements from September 2020 through December 2020 are

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Monetary Policy Report Press Conference Opening Statement

July 15, 2020

Opening Statement

Available as:
PDF

Good morning. Senior Deputy Governor Wilkins and I are pleased to be with you to answer your questions about today’s policy announcement and Monetary Policy Report (MPR).
The COVID-19 pandemic has caused an unprecedented fall in economic activity in Canada, and the recovery will require considerable monetary policy support. Our overriding message to Canadians is that the Bank will be there to provide monetary stimulus for an extended period to support the recovery and return inflation to its 2 percent

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

July 15, 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. The Bank’s short-term liquidity programs announced since March to improve market functioning are having their intended effect and, with reduced

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Monetary Policy Report – July 2020

July 15, 2020

Available as:
PDF

The Bank expects a sharp rebound in economic activity in the reopening phase of the recovery, followed by a more prolonged recuperation phase.
Erratum: The data for Chart 1-b on page 1 were plotted incorrectly. See revised chart.

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A Road Map to Payment Systems

July 6, 2020

On the road or in payment systems, traffic jams are a nightmare. But unlike our roads, our payment systems can avoid congestion thanks to redundancies. Simply put, the Bank of Canada invests in backup systems to ensure our operations are smooth and resilient, even in the face of disruptive events.
COVID‑19 offers one example. The pandemic has disrupted every aspect of our lives, and payment systems are no exception. Amid concern that bank notes could carry the virus, many stores stopped accepting cash. Other shops were forced to close their storefronts. A lot of shopping moved online, where many retailers accept only certain forms of payment, such as credit cards and PayPal.
This shift away from cash and toward online shopping made it difficult for people with limited payment options to

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Our COVID-19 response: navigating diverse economic impacts

June 30, 2020

The pandemic and related containment measures have deeply affected Canadians and the Canadian economy. The impacts have been different across sectors and regions. The economic recovery will also look different across the country as local economies start to re-open.

Lawrence L. Schembri

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Bank of Canada partners with the Bank for International Settlements to launch innovation centre

June 30, 2020

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank for International Settlements (BIS) and the Bank of Canada announced today they will be launching a BIS Innovation Hub centre to advance fintech innovation within the central banking community. The centre will open in Toronto within two years and is one of four locations scheduled to open in North America and Europe.
This partnership will advance the Bank’s understanding of the digital economy and the technological transformation of financial services. It builds on the

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Our COVID-19 response: Supporting operations

June 29, 2020

Nimble response
As one of Canada’s Top 100 Employers for 10 consecutive years, we pride ourselves on our people-first philosophy. Investments in our infrastructure, staff and cyber security positioned us well to move quickly to a virtual workplace. Our transition to mandatory work from home for staff was efficient and relatively seamless.
Internally, cross-functional emergency response teams started risk-response discussions in February. By mid-March, all staff were teleworking except those involved with and supporting our critical market, banking and currency operations. At the same time, the Bank and CFRG partners began meeting frequently to ensure a collaborated response within the highly interconnected financial system.
At CFRG COVID-19 meetings, the Bank and its partners have been

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