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Carney Says U.K. Gave Tremendous Thought to BOE Framework

Bank of England Governor-designate and Bank of Canada Governor Mark Carney praised U.K. policy makers for giving a “tremendous amount of thought” to the Bank of England’s new policy framework.

Carney told members of the Senate Banking Committee in yesterday that authorities have taken care to create a system to ensure policy coordination at the Bank of England.

Carney leaves the Canadian central bank June 1 to take over the Bank of England a month later, as it takes on new powers to promote financial stability. The U.K. central bank also has bank-regulatory powers the Canadian central bank lacks.

Speaking in Ottawa, Carney told members of the Senate Banking Committee that the core lesson he’s taken from his time in Canada is “the importance of having clearly articulated policy frameworks.”

Carney also reiterated his view that the Bank of Japan’s plans to fight deflation will be positive for both the global and Canadian economies.

Asked whether the Bank of Canada has all the policy tools it needs to promote growth, Carney said the central bank would only resort to stimulating the economy through purchases of securities, so-called quantitative easing, in extreme circumstances.

Carney opened the testimony by repeating that the Bank of Canada will probably need to raise interest rates in the future, and that its current policy setting “will likely remain appropriate for a period of time,” messages he had delivered at the bank’s interest rate announcement last week.

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