November 2, 2011 / 8:50 PM / 6 years ago

Bank of Canada's Carney speaks in Ottawa

3 Min Read

TORONTO (Reuters) - Below are key quotes from Bank of Canada Governor Mark Carney speaking to a Canadian Senate committee in Ottawa:

On Canadian Housing Market

"There are some pretty major differences between the Canadian housing market, how it functions, and how the U.S. one functions ... we're not complacent about household debt in this country, we're not complacent about the housing market but I don't think that's the same and I don't think you were suggesting that's the same as saying that we have anything like the structural deficiencies that existed in the U.S. housing market prior to the crisis."

On Possibility of Additional Measures in Europe:

"We further would not rule out the possibility that additional supplemental measures will be required over the course of the relatively near term and the medium term."

On Effectiveness of European Debt Plan

"Those steps which have been promised, not just promised, but agreed by European leaders, putting those into effect will effectively isolate the core of Europe from individual situations."

On Risk of Delay in Euro Zone Crisis

"Let me start out by saying and reinforcing the words of the minister of finance when he has said that with respect to the euro zone crisis, not just the situation in Greece but the broader steps that need to be taken in Europe, that delay is the enemy here, that there are measures that have been put in place, or have been promised I should say, and most recently at a very important summit of euro area leaders last week which outlined a five-element comprehensive plan for Europe that as I said in my opening statement and as I said yesterday what's important is that we quickly see the details behind those broader initiatives and that they are implemented ..."

On the Greek Referendum:

"In order to take forward these steps there needs to be broad support for those steps because the steps that the Greek government needs to take in any circumstance, the suite of reforms both budgetary and structural, that the Greek government and the Greek people need to take will take place not just over the course of coming weeks but over the course of coming years so there needs to be broad support. I leave it entirely to the Greek people, the Greek government to determine how to engender that support and marshal that support in order to put in place absolutely necessary measures."

Reporting by Louise Egan and Randall Palmer in Ottawa and Claire Sibonney in Toronto; Editing by Jeffrey Hodgson and Peter Galloway

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