[SebC]

http://www.theglobeandmail.com/repor...rticle4526550/

“In a world of elevated commodity prices, it is better to have them. Bank of Canada research shows that high commodity prices, regardless of the cause, are good for Canada,” he said.Strong crude pricing does force a rise in the loonie, he said. But the overall impact is a net rise in “income, wealth and GDP in Canada.”

[...]

And, Mr. Carney added, any central bank efforts to ward off so-called Dutch disease – by tampering with Canada’s currency to protect manufacturers, for example – are likely to do more harm than good.

“The logic of Dutch Disease requires us to undo our successes in order to depreciate our currency,” he said. Taken to “its natural conclusion, this logic dictates that we shut down the oil sands, abandon our resource wealth, have high and variable inflation, run large fiscal deficits and diminish our financial sector.”