Mark Carney: Rebuilding confidence in the global economy Remarks by Mr Mark Carney, Governor of the Bank of Canada, to the Northwest Territories Chamber of Commerce and Yellowknife Chamber of Commerce, Yellowknife, Northwest Territories, 1 April 2009. *  *  *  Good afternoon. These are very challenging times. The Canadian economy is in recession.
Over several years, we had a string of events that could have, and in other times surely would have, triggered a reassessment: prominent credit rating downgrades of some major US corporations to sub investment grade status; a default on foreign debt by Argentina, followed by rather rancorous negotiations over restructuring; political instability in several countries; a very large rise in the price of oil; significant tightening of US monetary policy up to 2006; the list goes on.