COVID‑19 is an unprecedented shock for the Canadian economy. Households, businesses and governments need a well-functioning financial system to manage the effects of the pandemic and support a robust recovery. In this Financial System Review, we identify the effects on financial stability and explain how recent actions by the Bank of Canada and other policy-makers help Canadians through a very challenging time.
Our goal in the short-term is to help Canadian households and businesses bridge the crisis period. Our longer-term goal is to provide a strong foundation for a recovery in jobs and growth.”
We entered this global health crisis with a strong economy and resilient financial system. This will support the recovery. But we know that debt levels are going to rise, so the right combination of economic policies will be important too.”