CERB-style program will ease burden on central bank during future economic shocks: governor

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By Staff The Canadian Press

Posted May 21, 2020 5:06 pm

Updated May 21, 2020 5:08 pm

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1:19Coronavirus outbreak: Trudeau says speed was of the essence when it came to CERB

WATCH ABOVE: Trudeau says speed was of the essence when it came to CERB

Canada’s top central banker says adding an income-support measure like the Canada Emergency Response Benefit to the government’s tool kit could help the country more quickly respond to sudden shifts in the economy.

More than 8.1 million workers have applied for the $2,000-a-month benefit since it became available at the beginning of April, with payments now totalling over $38.4 billion.

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Bank of Canada governor Stephen Poloz says a program like it would help because the central bank will likely have less policy room to manoeuvre when the next shock rolls around.

1:35Finance Minister Morneau announces Tiff Macklem as new Bank of Canada governor

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