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(CEP News) - Bank of Canada Governor Mark Carney said Tuesday that the central bank has taken the proper steps to boost the economy and reach its 2.0% inflation target.
Speaking to the House of Commons Standing Committee on Finance in Ottawa, he repeated that he intends to keep the target interest rate at 0.25% through mid-2010. He also said he remains confident that there will be an economic recovery in Canada, and that the fall in rates through the yield curve should provide extra stimulus to the Canadian economy. Carney touched on the G7 discussions last weekend, saying they were consistent with the Bank of Canada's outlook, and that the course of action that Europe and the UK need to take to deal with toxic assets should be similar to that taken in the United States. By Megan Ainscow,
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, edited by Sarah Sussman,
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