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Bank of Canada Governor Mark Carney on Friday said time was running out for monetary policy makers to prevent long periods of weakness in advanced economies.
Carney said there were significant hurdles to increasing growth and cited economic challenges in Europe, the United States and Japan.
"As a consequence, the advanced economies could face a prolonged period of deficient demand and weak nominal growth," Carney, who also chairs the Financial Stability Board, said in the prepared text of a speech he was giving in New York.
"The central challenge for monetary policy-makers in this environment is to prevent that from happening. The clock is ticking: the longer that crisis economies and their jobs markets remain moribund, the greater the risk of failure."
Carney reiterated that the Bank of Canada considered its 1 percent policy interest rate provided "a degree of stimulus appropriate to an environment where the Canadian economy faces considerable external headwinds."
He again spoke of his concerns about the level of household debt in Canada and said Canadian authorities were cooperating closely and would continue to monitor the financial situation of the household sector.