{
  "title": "Canada: 2009 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion",
  "publication": "IMF Staff Country Reports, May 22, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/canada-2009-article-iv-consultation-staff-report-staff-statement-and-public-information-22968",
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  "summary": "The staff report on Canada’s 2009 Article IV Consultation examines economic developments and policies. Canadian banks have weathered the crisis better than major-country peers, but the credit cycle will be challenging, particularly given high household debt.",
  "sections": [
    {
      "heading": "Key findings and economic assessment",
      "content": "- Canadian banks have weathered the crisis better than major-country peers.\n- The credit cycle will be challenging, particularly given high household debt.\n- Financial instability is characterized as a tail risk, but heightened vigilance is warranted.\n- The Bank of Canada has loosened monetary policy, bringing the policy rate target to a record-low ½ percent.\n- Macroeconomic policies have adopted an expansionary tilt.\n- Authorities have taken steps to safeguard financial stability."
    },
    {
      "heading": "Financial sector and stability",
      "content": "- Canadian banks performed relatively well versus major-country peers during the crisis.\n- High household debt increases vulnerability through the credit cycle.\n- Financial instability remains a tail risk; recommended stance is heightened vigilance and continued safeguarding measures."
    },
    {
      "heading": "Monetary and macroeconomic policy stance",
      "content": "- Monetary policy: policy rate target set at a record-low ½ percent by the Bank of Canada.\n- Macroeconomic policy: an expansionary tilt has been adopted to support the economy."
    },
    {
      "heading": "Subjects and keywords highlighted in the report",
      "content": "- Subjects: Banking, Commodity prices, Credit, Deflation, Deposit insurance, Financial sector policy and analysis, Financial sector stability, Inflation, Money, Prices.\n- Keywords: business outlook survey, Canadian dollar, capital injection, Caribbean, Commodity prices, Core CPI inflation, CR, Credit, Deflation, Financial sector stability, Global, headline inflation, Inflation, inflation outlook, ISCR, Medium-term inflation expectation, monetary policy report, statistics Canada, stimulus package, target rate.\n\n---\n\n Content in this bundle\n\n- Cr09162\n  - Cr09162 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr09162 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 22, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451807080.002",
    "Canadian banks have weathered the crisis better than major-country peers.",
    "The credit cycle will be challenging, particularly given high household debt.",
    "Financial instability is characterized as a tail risk, but heightened vigilance is warranted.",
    "The Bank of Canada has loosened monetary policy, bringing the policy rate target to a record-low ½ percent.",
    "Macroeconomic policies have adopted an expansionary tilt.",
    "Authorities have taken steps to safeguard financial stability.",
    "Canadian banks performed relatively well versus major-country peers during the crisis.",
    "High household debt increases vulnerability through the credit cycle.",
    "Financial instability remains a tail risk; recommended stance is heightened vigilance and continued safeguarding measures.",
    "Monetary policy: policy rate target set at a record-low ½ percent by the Bank of Canada.",
    "Macroeconomic policy: an expansionary tilt has been adopted to support the economy.",
    "Subjects: Banking, Commodity prices, Credit, Deflation, Deposit insurance, Financial sector policy and analysis, Financial sector stability, Inflation, Money, Prices.",
    "Keywords: business outlook survey, Canadian dollar, capital injection, Caribbean, Commodity prices, Core CPI inflation, CR, Credit, Deflation, Financial sector stability, Global, headline inflation, Inflation, inflation outlook, ISCR, Medium-term inflation expectation, monetary policy report, statistics Canada, stimulus package, target rate.",
    "**Cr09162**"
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