This article was last updated on April 16, 2022
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Two of the Canada top most financial policy-makers have announced that they are completely equipped to cope with the economy in case another alarming fiscal crisis in the United States activates a recession in the country.
The Finance Minister of Canada, Jim Flaherty, and the governor of Bank of Canada, Mark Carney, made a promise on Wednesday stating that they are prepared for supporting the economy in case of a shock from the U.S., or Europe, threatens to plunge the country into recession.
Flaherty was addressing the Commons finance committee in an evening session, when he claimed that “we are a pragmatic, sensible government. If our economy goes into recession because of an external shock from the United States or the eurozone, or both, we will take steps to stimulate the economy.” He assured that “what we have done before we will do again. We will not do exactly the same thing again … but we are not going to stand by and have the Canadian economy slip deep into a recession with high unemployment.”
Carney was giving an interview, where he mentioned that the bank and the government will “react if necessary, but we’re not going to react to a hypothetical.” These assurances from Canada’s top financial caretakers are a result of the conclusion of the U.S. presidential election landing the Democratic President, Barack Obama, for another term with a Republican lower house, elevating fears the U.S. may be heading for the so-called “fiscal cliff” in January.
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