Remarks from Tiff Macklem
Senior Deputy Governor of the Bank of Canada
Presented to: Brazil-Canada Chamber of Commerce
São Paulo, Brazil
12 March 2012
In my remarks today I want to address these concerns. I have three main messages.
First, markets work better than anything else at delivering opportunity and prosperity. Second, an efficient and resilient financial system is an essential enabler to growth and inclusion. But, third and critically, markets only work well within sound policy frameworks. All markets—and financial markets in particular—need clear rules, diligent oversight, and consistent enforcement of the rules. Systemic crises are not the inescapable product of capitalism, and inequality is not the necessary by-product of growth.
Full speech here.