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The scale and the global impact of the coronavirus crisis are much bigger than the 2008 financial crisis, Bank of Canada Governor Tiff Macklem said on Thursday.

Macklem further added that the level of global cooperation was stronger during the 2008 crisis than currently. 

Commenting on the policy outlook, “depending on how new problems emerge, monetary policy tools can be scaled up,” Macklem noted but reiterated that they are not actively discussion negative interest rates. However, Macklem also said “never say never” regarding negative interest rates.

Market reaction

The USD/CAD pair edged slightly higher on these comments and was last seen trading flat on the day at 1.3252.