A financial crisis on Tuesday called for to come with a plan to the European banks ensure top of the world the Canada Bank Governor Mark Carney are adequately financed it, should say "extremely vulnerable" to an economic downturn and the downturn in the financial markets is the euro.
Carney have seen its shares trading at historic lows rise and banks their borrowing costs, restricted their ability to access to major financial markets said in an address in Saint John.
"If not quickly reversed, this situation of a harmful negative feedback loop between the banks, loans and the real economy likely to result", said Carney.
"Would this at a time when the European economy - the largest in the world - already drastically slowed down."
Carney made his remarks about the upcoming meeting of G20 Finance Ministers and International Monetary Fund later this week and as the European Union and the International Monetary Fund also concerns about the health of European banks.
EU competition Commissioner warned, that more than nine banks, the stress tests this summer which will have restored and to save facilitate proposed expansion of crisis rules, Governments, otherwise lenders.
Earlier in the day, the IMF will reduce Canada's projected growth for this year by 2.1% and 1.9% in the year 2012, and also downgrading economic expectations for Europe and the United States
The prospects for global economic prospects deteriorate, Carney who are"inclined downward risks to Canada." said unrest in Europe, and markets, the question of whether the European legislator can respond
"The combination of high debt loads and unpredictable politics is toxic," said Carney.
At the same time as well is the European debt crisis, he said, is the economy of Canada's largest trading partner, the United States, "close to stall speed."
"However, the Bank of Canada, a recession in the United States expected no" Although the risk is significantly increased and Canadian net exports are now expected to continue to "a main source of weakness... especially the continued strength of the Canadian dollar", he said.
Carney indicates that Canadians, that interest rates remain low, should accept only because the Fed has promised to keep its prices to a record low in 2013.
"We not our monetary policy of the Fed outsource." "What is happening in the United States obviously counts for Canada, but that doesn't mean that our prices to those of the Americans are bound."
Carney advise Canadian companies continue their presence in emerging markets such as China and India.
He said "Canada somewhere else to grow our exports search".
"Emerging markets are already almost half of all imports growth over the last decade." In a process that can be expected to continue for decades, the emerging economies of Asia is lightning fast. "China and India are the equivalent of the total population of Canada living every 18 months."
With files from the Canadian Press and the associated press accessibility linksView the original article here
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