# Bank of Canada joins the coordinated GFC rate cut under Governor Carney

Date: 2008

## The fact

On 8 October 2008 the Bank of Canada, with [Mark Carney](/people/mark-carney) as governor, joined a coordinated international policy-rate cut at the height of the global financial crisis.

## Context

He had been governor since 1 February 2008. Neighbouring BoE Brexit is a later different bank. He did not sit as the Fed.

BoE 2016 is a later different office.

The Prime Minister of Canada heads the federal ministry, advises the Governor General, and sets Cabinet weather. He does not write a Bank of Canada overnight rate by himself once he has left that building, a US IEEPA tariff, a provincial pipeline certificate, or a Brookfield board minute after a blind trust. A housing target is not a unique completed unit count. A climate-envoy speech is not a later pipeline MOU.

## Evidence and sources

Bank of Canada carries the official instrument or communique. Reuters records the same dated act independently.

## Significance

The path is [household purchasing power](/drivers/household-purchasing-power) and fiscal-financial stability: a completed crisis-rate instrument under his BoC governorship.

## What is established and what is not

Established: 8 October 2008 BoC participation in the coordinated cut, independently reported.

Not established: a unique later unemployment coefficient, or that he uniquely authored every G20 minute.

What would change the picture: a contradictory original with a different date or name, a later repeal, a court that vacated the instrument, or a measured series that can be argued, with lag and alternatives, as a consequence of this instrument rather than of later institutions.

The date is the date of this instrument, not a licence to back-date every later harm or benefit.

He was governor. Other central banks share the coordinated file.. A later repeal, court stay, or successor order would be a different Fact with a different date. That pair identifies Bank of Canada joins the coordinated GFC rate cut under Governor Carney, not a later speech about Bank of Canada joins the coordinated GFC rate cut under Governor Carney.

Co-authors and later implementers named in Context remain on the file. Bank of Canada joins the coordinated GFC rate cut under Governor Carney on 2008-10-08 is not a licence to treat every later Bank of Canada communique as this same act. If a later repeal, stay, or successor instrument exists, it needs its own date and its own row. This dossier refuses to average Bank of Canada joins the coordinated GFC rate cut under Governor Carney into a personality. The contribution described on this Person row is limited to The Governing Council decided. He was governor. Other central banks share the coordinated file. That limit is the alternative to treating office-holding as authorship of every later series.

## People

- Mark Carney: https://factrail.ai/people/mark-carney

## Drivers

- Household Purchasing Power: https://factrail.ai/drivers/household-purchasing-power
- Fiscal-Policy Sustainability: https://factrail.ai/drivers/fiscal-policy-sustainability

## Sources

- https://www.reuters.com/
- https://www.bankofcanada.ca/

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/ca-boc-gfc-2008