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Pegging: not yet officially denied


Last Edited: December 5, 2007, 9:39 pm

I have found that the URLs of these things change, so I'll provide the title and enough of the story so it can be found in the search engines. Here is the original http://cnews.canoe.ca/CNEWS/Canada/2007/12/05/4709540-cp.html. Below is an excerpt.

Don't peg loonie to U.S. dollar says incoming Bank of Canada governor
By Julian Beltrame, THE CANADIAN PRESS

OTTAWA - Canada should resist the understandable appeal of pegging the loonie to the greenback or forming a currency union with the United States, the incoming governor of Bank of Canada said Wednesday at a Parliamentary hearing.

At an historic appearance by a governor-designate before the Commons finance committee, Mark Carney defended the Bank of Canada's management of monetary policy in the face of the recent surge - and just as sudden fall - of the loonie.

And while Carney said it was understandable that many would want exchange rate certainty to protect some industries, such as the manufacturing sector, he maintained that the cost would be too high.

I figure Mr. Carney will have either 1) a change of heart, or 2) a change of employment.

Entry #43


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