7  The Bank of Canada’s action was part of a global effort at broad policy coordination among G20 countries that included fiscal stimulus, financial reform and interest rate cuts. See www.imf.org/external/np/sec/pr/2009/pdf/ g20_040209.pdf  8  The borrowing has led to increasing levels of household debt, against a backdrop of rising house prices.
For a discussion of monetary policy and its impact on household debt, see S.S. Poloz, “Integrating Financial Stability into Monetary Policy” (speech to the National Association of Business Economics, Washington, D.C., 12 October 2015). 9  Global long-term real interest rates have been on a steady decline for almost 20 years, in part because of lower risk premiums.