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May 22, 2012

Canada needs a policy framework and new governance structure beyond what is in place to reduce the potential for future financial crises, according to Paul Jenkins, former Senior Deputy Governor, and Gordon Thiessen, former Governor of the Bank of Canada. In “Reducing the Potential for Future Financial Crises: A Framework for Macro-Prudential Policy in Canada,” a report released today by the C.D. Howe Institute, they make the case for establishing a formal committee with a mandate to identify potential systemic risks and to act promptly before they materialize.


Gordon Thiessen, O.C.

Mr. Thiessen was appointed Governor of the Bank of Canada on 1 February 1994, for a term of seven years, retiring on 31 January 2001.

Paul Jenkins

Paul received his M.Sc. in economics from the London School of Economics and Political Science in England and his B.A. in economics from the University of Western Ontario in London, Canada. From 2003 to 2010, Paul served as senior deputy governor of the Bank of Canada. He was the Bank’s chief operating officer and a member of its board of directors.