Toni Gravelle: Financial stability and the COVID-19 pandemic

Remarks (virtual) by Mr Toni Gravelle, Deputy Governor of the Bank of Canada, to the Autorité des marchés financiers, 23 November 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Thank you for the invitation to connect with you virtually in these unusual times.

The Bank of Canada has enjoyed a long and productive relationship with the Autorité des marchés financiers. We have worked together on our respective oversight of financial market infrastructures and shared our perspectives on stress testing of systemically important institutions.

And, of course, I have known several of you personally, including Mr. Morisset, for some time through this work and through my role supporting and participating in the Heads of Regulatory Agencies (HoA).

The Bank greatly values your contributions to maintaining a stable and healthy financial system-not just for Quebeckers but for all Canadians.

My remarks today are part the Bank's commitment to update Canadians twice a year about key vulnerabilities and risks to the financial system. We continually assess the financial system's ability to function well in both good times and bad. We do this work precisely for times like these, when the economy and financial system have been hit by a calamitous shock like the COVID-19 pandemic.