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Bank of Canada not responsible for record debt

Central bank governor tells Washington, D.C., audience that borrowers and lenders are '1st line of defence'

CBC News Posted: Oct 13, 2015

 

It's not the Bank of Canada's job to fix bad decisions consumers make with regard to debt loads in the current low rate environment, Stephen Poloz says.  In his last scheduled public appearance ahead of Monday's election and the central bank's latest interest rate decision on Wednesday, Canada's top central banker told a Washington, D.C., banking audience on Monday that the bank's main job is to fight inflation — not clean up any messes in the consumer debt market.

Poloz said the central bank is the last line of defence against "bad decisions" in consumer debt, behind lenders and borrowers themselves and various regulatory bodies. But the bank is keenly aware of the impact its policies can have on the so-called "real economy" and strives to find the best way of achieving its monetary policy objectives without contributing to imbalances elsewhere.  The central bank has come under fire in recent years for repeatedlywarning Canadians about the dangers of taking on debt once rates inevitably increase,but then failing to actually move rates higher...

read more  http://www.cbc.ca/news/business/stephen-poloz-says-bank-of-canada-not-responsible-for-record-debt-1.3268738