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David Dodge Speaks to C.D. Howe Institute
November 20, 2008
The National Post reported on Bennett Jones business advisor and former Bank of Canada Governor David Dodge's presentation to the C.D. Howe Institute in Toronto. Mr. Dodge is quoted as saying, "Central banks, relying only on adjusting their policy rate, cannot be expected to do the job if regulators don't set appropriate rules for capital reserves...Agencies responsible for prudential regulation of financial institutions and oversight of mortgage and financial markets must have at least one eye focused on stabilization." He also said policy rate moves aimed at pushing financial institutions to increase their capital reserves may spur "movements that in and of themselves would be destabilizing."