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June 24, 2015

The Bank of Canada should focus monetary policy on inflation, not systemic risk, according to a new report released today by the C.D. Howe Institute. In “Securing Monetary and Financial Stability: Why Canada Needs a Macroprudential Policy Framework,” authors Paul Jenkins and David Longworth address the importance for the conduct of Canadian monetary policy of having a separate coherent framework for macroprudential policy – designed to prevent the build-up of systemic, or system-wide, financial risks.

David Longworth
David Longworth

David Longworth is a Term Adjunct Professor at the Department of Economics at Queen’s University. Since 2010, he has also been an Adjunct Research Professor at Carleton University. Before that, he had a 36-year career at the Bank of Canada. From April 2003 until March 2010, he was a Deputy Governor there—one of two responsible for issues related to financial stability and financial markets.

Paul Jenkins
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.