Stephen Poloz: A subtle shift in Bank of Canada policy?

Financial Post | Opinion

Export issues are not normally part of monetary policy framework

After 14 years in the most senior roles at Export Development Canada, marketing Canada’s exports abroad, and calmly and determinedly extolling the federal government’s financial support of trade at home, life is about to get a little more complicated for Bank of Canada Governor-designate Steve Poloz.

The Canadian dollar took a marked dive on the announcement, perhaps because foreign exchange markets react to anything that has the flavor of news, which Mr. Poloz’ appointment certainly is. Whether they are right to do so, only time will tell. Nonetheless, the choice of Mr. Poloz, over the presumed front-runner, the equally able, experienced and charming Senior Deputy Governor at the Bank, Tiff Macklem, may indicate a subtle shift in the federal government’s thinking about the role of monetary policy.

The 2008 financial crisis presaged the Time of the Central Banker; central banks…

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