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ARTICLE · 06 OCTOBER 2025

IMF Publishes 2025 Financial System Stability Assessment For Canada: Why Certain Recommendations Should Not Be Adopted

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On August 1, 2025, the International Monetary Fund (IMF) published its latest Financial System Stability Assessment (FSSA) report for Canada.

CanadaFinance and Banking
Blair Keefe
Blair Keefe
Eli Monas
Eli Monas
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On August 1, 2025, the International Monetary Fund (IMF) published its latest Financial System Stability Assessment (FSSA) report for Canada1. While the report highlighted Canada's strong and well-regulated financial system, it also pointed to emerging challenges that could create headwinds for the industry in the near future.

While it is important for Canada to take the IMF's recommendations seriously in order to continue to be recognized as a leader in financial regulation, there are certain recommendations that we do not believe make sense in the Canadian context and we would encourage the Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) to push back in those circumstances.

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