By Canadian Press

Macklem: Governments, private sector need to deliver vaccines to developing nations

Oct 7, 2021 | 10:02 AM

OTTAWA — The governor of the Bank of Canada is pressing the case for COVID-19 vaccines to be sent to developing nations.

Tiff Macklem says the pandemic is not just the biggest health risk facing the world, but also the largest economic risk.

In a speech today, he says governments and the private sector must work together to make vaccines available to all.

He says the global financial system needs to chart a path out of the pandemic that balances short-term needs with long-term goals.

Macklem warns that policy-makers putting too much focus on managing immediate volatility in their economies could thwart long-run changes fundamental to boosting productivity and standards of living.

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Speaking to the American-based Council on Foreign Relations, Macklem says finding that balance is even more crucial now as central banks prepare to wind down stimulus programs and likely put the global financial system under more pressure.

This report by The Canadian Press was first published Oct. 7, 2021.

The Canadian Press