25 April 2010

Bank of Canada gov warns about recovery

From the Globe and Mail:

“Anyone who sits and looks at what happened and says, ‘Well, that wasn’t a Great Recession,’ hasn’t appreciated the scale of what was done to ensure an outcome that wasn’t as extreme as before,” [Mark] Carney told reporters Saturday. “Particularly on the fiscal side,” Mr. Carney added. Anyone who doesn’t appreciate the gravity of the last couple of years “hasn’t thought through or appreciated the scale of what will be required to adjust fiscal back to normal.”