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Canada : Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy


International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

January 24, 2020

Electronic Access:

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The current arrangement for systemic risk oversight seems to have worked well.2 The responsibility for systemic risk oversight is not explicitly assigned to any specific body. At the federal level, the Bank of Canada (BOC) albeit with no explicit mandate plays a leading role in systemic risk surveillance; policy discussion takes place at the Senior Advisory Committee, which in turn provides advice to the Minister of Finance who has the mandate of maintaining overall financial stability in Canada. Powers over macroprudential tools lie with the Ministry of Finance (MoF) and the Office of the Superintendent of Financial Institutions (OSFI). Systemic risk oversight at the federal level appears adequately effective, in part due to strong collegial culture and inter-agency cooperation. However, such effectiveness becomes less apparent at the provincial level or with respect to federal-provincial collaboration on these issues.


Country Report No. 20/19


Publication Date:

January 24, 2020



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