The Canadian Press
OTTAWA - Bank of Canada governor Mark Carney is leaving Canada with some parting advice — seize the country's natural advantages.
Carney says in his last scheduled public appearance before departing for the Bank of England next month that the Canadian financial and economic system has served it well during the recent recession and in the current recovery.
But he says the country shouldn't rest on its laurels and just wait until the rest of the G7 countries repair their economies.
Instead, he says Canada should take advantage of its strong position to find new markets in the fast-growing emerging economies, especially in Asia, and reduce its dependence on the United States and Europe.
Carney was also full of praise for what he calls Canada's foundational advantages including a sound banking system, low government debt, labour market mobility and federal transfer payments that help absorb shocks to particular regions and sectors.