MNI BRIEF: Incoming BOC Deputy Says Rates Won't Rise Much Soon

Global regulators need to monitor risks to the financial system from low-for-long interest rates that are even more entrenched after massive fiscal and monetary stimulus was introduced in the last year, according to the Bank of International Settlement's Carolyn Rogers.

Rogers, who leaves Basel to join the Bank of Canada as deputy governor in December, said regulators "cannot expect that interest rates will increase materially anytime soon. That means the pressure on the traditional bank business model -- one that relies on net interest margin -- will continue," according to an interview posted in an ECB newsletter.

These are some of the first public comments Rogers has made since it was announced she will become BOC Senior Deputy Governor after wrapping up work as Secretary General of the Basel Committee on Banking Supervision.