The Bank of Canada is the central bank of Canada, whose current governor is Mike Carney. It was founded in 1934 by the Bank of Canada Act of the same year. The country's banking system was quite stable even before the founding of the Bank of Canada, largely due to its branch banking structure, and showed little interest in central banking in the early 1900s. Additionally, the banking system was somewhat regulated by the Canadian Bankers Association. However, as the Great Depression took Canada by storm, there was talk of its financial state at the time. Some have even questioned the country's ability to meet broader demands. The central bank was established by the 1934 law and began functioning in 1935, but as a private institution. Then, when William Mackenzie King was re-elected Prime Minister after a full term by Richard Bennet, the new government made an amendment to the Bank of Canada Act, making the bank publicly owned in 1938, as it is today (Bank of Canada: History) . Its primary objective was to be able to support the financial and economic well-being of our country (Go Currency: Bank of Canada). In this way, it has many roles and functions as a central bank, which I will explain in the next paragraphs. To begin with, it is essential to know what the objective of the Bank of Canada is, as stated in the Bank of Canada Act of 1934, although I briefly touched on this in the introductory paragraph. In the exact words: “[…] it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate with its influences fluctuations in the general level of production, trade, p......middle of paper......mencé.” Cyberpress. 1 March 2010. La Presse. April 13, 2010 “Bank of Canada.” Wikipedia. 13 April 2010 “History”. Bank of Canada. 13 April 2010 “Monetary Policy”. Bank of Canada. April 13, 2010“Backgrounders”. Bank of Canada. April 13, 2010Binhammer, H.H. and Peter S. Sephton. Money, banks and the financial system. Nelson, 2001.(part of course package)"Office of the Superintendent of Financial Institutions." Wikipedia. April 13 2010