Economists, Bank of Canada say Canada ‘not immune to spillovers’ amid recent banking turmoil

The Bank of Montreal's chief economist Doug Porter says markets are 'incredibly good' at discovering areas of weakness, and that he 'wasn’t sure we’ve seen the end of this.'

Founded in 1856 as a commercial bank, Credit Suisse has played a central role in Switzerland's financial sector for 167 years. Last month, Swiss authorities facilitated its takeover by rival UBS following a dramatic stock plunge. Photograph courtesy of Wikimedia Commons

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BY MIKE LAPOINTE

April 10, 2023

Although far different from what unfolded in 2008, “it raises everyone’s antenna” when a large bank runs into severe difficulties, says BMO’s chief economist Douglas Porter, with the Bank of Canada’s deputy governor Toni Gravelle saying “we know we’re not immun...

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