Interest rates can only be reduced to combat a possible recession if they have previously been raised. Yes, but the United States is in a completely different stage of its economic cycle. Its economy is much more mature, and its economic upturn started much earlier than ours and has been going on for much longer.
A year later, he left the bank and assumed the post of Senior Associate Deputy Minister of Finance. In this function, he represented Canada in various international forums, including the Financial Stability Forum which is now the Financial Stability Board. In 2008, he returned as Governor to the Bank of Canada.