Reuters: Regulatory News: Canada needs financial reforms to absorb shocks-BoC

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Canada needs financial reforms to absorb shocks-BoC Jun 14th 2012, 17:07 OTTAWA, June 14 | Thu Jun 14, 2012 1:07pm EDT OTTAWA, June 14 (Reuters) - Canada's financial system remains solid but could be hit by a worsening of the European debt crisis, and further steps should be taken to bolster banks against such shocks, a senior Bank of Canada official said on Thursday. "Canadian markets have remained relatively stable, and our banks continue to have good access to wholesale funding markets," Agathe Cote, deputy governor of the central bank, said in prepared text of a speech she was delivering in Montreal. "Nonetheless, a deterioration in the situation could have a considerable effect on Canada through trade, confidence and financial channels. "Even though our financial system is solid, it is important to take further steps to bolster its ability to absorb shocks. The creation of a central counterparty for the repo market is a step in that direction," she said.

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