HIGHLIGHTS-Bank of Canada's Poloz speaks in Toronto
Dec 8 (Reuters) - Below are some key quotes from a press conference on Tuesday with Bank of Canada Governor Stephen Poloz in Toronto:
ON ECONOMIC RECOVERY:
"I think that we've got all the ingredients of a recovery in place. We've got clear signs that our recovery is underway. It's being masked to some degree by the declines, especially in the energy sector, but also in other resource areas.
"Underneath the surface, we have all those things happening and the effects of our policy stimulus are still only probably half there. It will take another year for all those effects to come true. So we need to be a little bit patient here on that front. We see no reason to be contemplating these measures. It's just that we've been several years since we put them out. We knew they needed updating based on our research and experience in other countries.
"And I think you should take some confidence from that, to know that we have more tools available, should something happen that makes them needed.
ON NON-RESOURCE EXPORTS:
"The good news is that the U.S. recovery continues to fulfill our expectations and that of course is by far the most important ingredient for an upturn here in Canada and we're seeing exactly the sectors that we said 18 months ago would respond when the U.S. recovery took hold in the investment space they have been responding and that it would be another layer which is the exchange rate sensitive categories of exports." Continued...