Some experts are fretting about the Bank of Canada\u0027s independence when it comes to monetary policy. Find out more.
“In your role as governor, I urge you to consider the full human impact of rate increases and not further increase rates at this time,” he said in his Aug. 31 letter.
While Freeland’s comments “probably made it worse,” Ragan said he isn’t a fan of the premiers’ intervention either. “There are considerable benefits that accrue to a country where the central bank has operational independence and is seen to be independent,” Ragan said. “You are able to control inflation more successfully.”“The central bank’s independence is extremely important,” said Alexander David, professor of finance at the University of Calgary’s Haskayne School of Business.
Freeland, Eby, Ford and Furey aren’t the first politicians to openly question the Bank of Canada’s actions., the second governor of the Bank of Canada, ran into political interference in 1959 when John Diefenbaker, the prime minister back then, took offence to the message Coyne was giving in speeches that the Canadian economy wasn’t as strong as it appeared on the surface.
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