Remarks by Mark Carney, Governor of the Bank of Canada

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Remarks by Mark Carney
Governor of the Bank of Canada
to the Canada – United Kingdom Chamber of Commerce
London, England
19 November 2008
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Building Continuous Markets

It is a pleasure to be back in the City. Twenty years ago, I started my first proper job here, as a credit analyst – remember that quaint role? at an investment bank – remember those archaic institutions? I came to London then because it appeared poised to realize the promise of market-based finance and to reassume its role at the centre of global finance. Today, I come to London, when so many are burying markets, to praise them and set out some thoughts on how to make them more robust.

Throughout the years, Canada has been a major beneficiary of London's innovation. Companies of adventurers, conceived and funded in London, opened up large swathes of Canada to international trade. Global capital, channelled through London, financed our infrastructure and commodities booms at the turn of the twentieth century. Our governments leaned heavily on the Euromarkets to finance their borrowings in the 1980s and early 1990s. More recently, we have looked to London for an array of new financial products.

Full remarks here