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A senior Bank of Canada official says the need to improve productivity has reached an emergency level as the economy faces a future where inflation may be more of a threat than in the past few decades. “You know those signs that say 'In an emergency, break the glass?' Well, it's time to break the glass,” Bank of Canada senior deputy governor Carolyn Rogers said in a speech Tuesday. Rogers said Canadian labour productivity eked out a small gain at the end of last year, but that came after six straight quarters where productivity fell. She noted the U.S. has...

The Bank of Canada purged the image of an Asian-looking woman from its new $100 banknotes after focus groups raised questions about her ethnicity. The original image intended for the reverse of the plastic polymer banknotes, which began circulating last November, showed an Asian-looking woman scientist peering into a microscope. The image, alongside a bottle of insulin, was meant to celebrate Canada’s medical innovations. But eight focus groups consulted about the proposed images for the new $5, $10, $20, $50 and $100 banknote series were especially critical of the choice of an Asian for the largest denomination. “Some have concerns...

Today, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan and the Swiss National Bank are announcing coordinated measures designed to address the continued elevated pressures in US dollar short-term funding markets. These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets. The central banks will continue to work together closely and will take appropriate steps to address the ongoing pressures. Bank of England action The Bank of England will offer...