Thus, measures will be adopted at the national level but will also have an impact across borders. Therefore, macroprudential policies will have to take spillovers into account. Equally, market participants must learn about the macroprudential policies of different jurisdictions. This thought leads me directly to my next topic: banking union and macroprudential policy. 3.
The Bank expects trend growth in household credit to moderate further, with the debt-to-income ratio stabilizing near current levels. •  Relative to the October MPR, Canadian economic activity is expected to be more restrained. Following an estimated 1.9 per cent in 2012, the economy is expected to grow by 2.0 per cent in 2013 and 2.7 per cent in 2014.