This article was last updated on April 16, 2022
Canada: 
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Bank of Canada’s governor, Mark Carney, mentioned in an official statement that Canadian economy will be mostly defenseless in opposition to an extensive currency war. It was Carney’s first address to the Canadian members of Parliament since he declared to offered resignation as governor of BoC and affirmed to join as the governor of the Bank of England.
Carney informed the finance committee of Commons that since Canada is a smaller economy, it does not has enough flexibility like other countries, such as the U.S., for manipulating currency markets. He explained that during a time of currency war, countries usually attempt to artificially devalue their currency for boosting exports, even though it can often enter into a “race to the bottom” which results in inflation and lower wages. Previously on Tuesday, an official statement published by the members nations of G7 promised to avoid engaging in a so-called “currency war.” The statement, also signed by both Carney and Finance Minister Jim Flaherty, vows to shape monetary policy to deal with domestic issues rather than the international ones.
Carney addressed a comparatively easy audience in Ottawa on Tuesday, against the severe questioning in London last week, where he was scrutinized on a number of topics facing Canadians. Discussing about household debt, Carney asserted that “Canadians are listening” to the repeated warnings by both the Bank of Canada and the federal government. Carney predicted that he hopes that household debt levels will stabilize soon at the current record levels.
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