Earlier this week, Bank of Canada Governor Stephen Poloz gave a remarkably sanguine speech on the build-up in household debt. He concluded that, although record-high debt represented a risk and means the economy is more sensitive to rising interest rates, he believed Canada’s financial system was “resilient”. That will come as news to the Bank for International Settlements (BIS), aka the central bankers’ central bank, which concluded in March that Canada’s financial system was the most vulnerable in the world.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services