Earlier this week, Bank of Canada Governor Stephen Poloz gave a remarkably sanguine speech on the build-up in household debt. He concluded that, although record-high debt represented a risk and means the economy is more sensitive to rising interest rates, he believed Canada’s financial system was “resilient”. That will come as news to the Bank for International Settlements (BIS), aka the central bankers’ central bank, which concluded in March that Canada’s financial system was the most vulnerable in the world.
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