The COVID-19 crisis has caused a tectonic shift in Canada’s public finances. On April 1, the Bank of Canada (BoC) began a major bond-buying program, following the tracks of the U.S. Federal Reserve and other central banks around the world. This sudden and dramatic shift in bank operations and strategy is the latest stage in the BoC’s relationship with government debt, financial markets, and the day-to-day lives of all Canadians. The current moment demands an understanding of the bank’s powers, and its history, and a reinvigorated debate about its evolving responsibilities.
The Bank of Canada and Crisis Management
COVID-19 and Beyond
May 1, 2020