Spreads a poor gauge of crisis: Canada's Carney

Existing measures of interbank spreads are an unreliable way of measuring the effectiveness of central bank intervention in alleviating money-market tensions, said Mark Carney, the governor of the Bank of Canada.

Carney said on Thursday that the success of intervention should not necessarily be judged on the basis of spreads returning to predetermined levels because market fundamentals are likely to have changed during and because of the turmoil.

"Judgements about the effectiveness of interve

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