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Bank of Canada’s Carolyn Wilkins says innovation key, as central bank policy ‘stretched to its limits’

Bank of Canada senior deputy governor Carolyn Wilkins.

OTTAWA — When it comes to monetary policy, there appear to be few limits to innovation, both during and after the global economic and financial meltdown between 2007-09.

“Confident as we are in how we do things,” says Canada’s No. 2 monetary policymaker, the Bank of Canada is examining how other countries reacted to that crisis while it “keeps its eyes on the future.”

“One important challenge for central banks now is that conventional monetary policy is stretched to its limits in some countries, where policy interest rates are at, or below, zero,” Carol Wilkins, the central bank’s senior deputy governor, said Friday.

“Because of this, a number of countries are using innovative monetary policy measures to return inflation to target,” she said in a speech to the Rotman School of Management and the Munk School of Global Affairs in Toronto.

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