Justin Trudeau and the left’s new hypocrisy toward the Bank of Canada is dangerous
for failing to keep inflation in check was irresponsible and undermined the institution’s independence.
The left’s position thus presents a more profound threat to the independence and function of the Bank of Canada, a cornerstone of our modern financial system., has gone even further than Mr. Trudeau in criticizing the bank’s rate hikes. It is regrettable that the Bank of Canada has become a popular subject for such partisan criticism. Established as a non-partisan institution, the bank has a clear mandate to control inflation – one in which it has largely been successful.
Second, monetary-policy decisions can be unpopular but necessary. Raising interest rates can slow down inflation but may lead to job losses in the short term. Central-bank independence ensures these decisions can be made in the best interest of the economy, rather than in response to short-term political pressures.
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