BIS central bankers’ speeches  3  In Canada, as elsewhere, low-income workers were hit hardest by the recession. But with a less-severe contraction in employment and a faster recovery, they fared far better than those in the United States. The unemployment rate for U.S. workers with less than a high school education almost doubled, rising from 10 to 19 per cent.
We will continue to sharpen our tools for implementing sound monetary policy. We will also continue to reinforce sound structural reforms in the banking system to ensure its overall safety and efficiency as well as its adaptability and inclusiveness, as evidenced by our substantial strides in propagating sustainable microfinance in increasingly innovative forms.