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OTTAWA — The Bank of Canada plans to develop a framework for stress tests that will incorporate different sectors of the financial system to enhance its contribution to macroprudential oversight in Canada, Deputy Governor Lawrence Schembri said on Friday.

In a speech focused on what central banks can do to contribute to financial stability, Schembri said the system-wide framework would cover banking, insurance and investment funds, as well as financial markets and financial infrastructures.

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Schembri said in prepared remarks that central banks must rethink their role in financial stability in light of the severity of the global financial crisis.

Although the best contribution central banks can make to financial stability is stability in inflation and the economy, Schembri noted, “this is a necessary, but not sufficient, condition for financial stability.”