http://www.cbc.ca/canada/story/2010/...s-warning.html
"But when rates do begin to rise again, Carney said, the increase may be swift and fierce and has the potential to catch many with debt loads they can no longer afford."
"Cheap money is not a long-term growth strategy," he warned.
"Experience suggests that prolonged periods of unusually low rates can cloud assessments of financial risks."
The Bank of Canada will set interest rates based on inflation, not on whether a large swath of Canadians have taken on too much debt, he added.
He suggested the bank may raise interest rates even in a low-inflation environment to discourage risky borrowing.
"While the bar for further changes remains high," he said, "the bank has the responsibility to draw the appropriate lessons from the experience of others who, in an environment of price stability, reaped financial disaster."
'The crisis is not over, but has merely entered a new phase.'—Mark Carney, governor, Bank of Canada