Canada's Dodge on global imbalances

In the speech 'The evolution and resolution of global imbalances' given on 9 September, David Dodge of the Bank of Canada said global economic imbalances will not be solved through adoption of flexible foreign exchange rates alone.

He told a round-table of central bankers that higher U.S. interest rates and a tighter fiscal policy could help resolve the imbalances.

Dodge also said policymakers must take measures to offset the small risk of future deficient demand and deflation.

"If countries do

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