The Hill Times
The Bank of Canada's aggressive interest rate hikes, intended to bring inflation down from the high rates of the COVID-19 era, have produced a perhaps unsurprising negative response from elected officials at both the provincial and federal levels. Is this political criticism of the Bank of Canada merely healthy discourse, or does it threaten the hard-won independence of Canada's central bank? Conflict between government officials and the Bank of Canada is certainly not new.
What exactly is Poilievre's beef with the Governor? Poilievre is quoted as saying that 'he's supposed to be in charge of monetary policy and not fiscal policy. And he printed the money to fund those deficits, and he did so in an inflationary environment. And that is why I believe he needs to be replaced.' Polievre's suggestion is that the Bank of Canada strayed from its mandate during the global pandemic, and that its policies acted to increase the inflation rate.
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