Tiff Macklem: Global imbalances, growth and stability
What changed vs prior statement
- 01No material change in policy stance vs prior statement.
- 02Language essentially preserved across key discussions on global growth and stability.
- 03No vote-record change.
From the original
Remarks by Mr Tiff Macklem, Governor of the Bank of Canada, at Paris Europlace – Chambre de commerce France-Canada, Paris, 23 June 2026.
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The desk interprets François Villeroy de Galhau's recent remarks as a clear signal of the Bank of France's commitment to a cautious yet proactive monetary policy stance. Per the full note [source], Villeroy emphasized the need for clarity in the face of economic challenges, suggesting that the central bank is prepared to adjust its approach as necessary. This aligns with our view that the EUR/USD pair could see upward pressure, particularly as the market digests these insights. The consensus among major firms indicates a target range for EUR/USD that reflects a cautious optimism, with upcoming economic indicators likely to influence sentiment.