Bank of Canada wants to be ready with negative rates just in case


Bank of Canada Willing to Resort to Below-Zero Interest Rate in Major Economic Crisis, Poloz Says

By Drew Hasselback
National Post, Toronto
Tuesday, December 8, 2015

TORONTO, Canada -- The Bank of Canada would be willing to cut its benchmark interest rate to below zero percent if the country is faced with a major economic shock, says Stephen Poloz, governor of the Bank of Canada.

In a speech to the Empire Club of Canada in Toronto, Poloz described the use of negative interest rates as one of four "unconventional monetary policy measures" it would be willing to deploy if faced with a major economic crisis. Yet he said the bank is unlikely to use such measures as it expects the Canadian economy to grow in 2016 and reach full capacity in mid-2017.

"We don't need unconventional policies now, and we don't expect to use them," Poloz said. "However, it's prudent to be prepared for every eventuality." ...

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