Prime Minister Justin Trudeau came to the fore on Thursday in response to Pierre Poilievre’s promise to fire the governor of the Bank of Canada if he becomes prime minister.
Trudeau questioned whether the perceived Conservative leader understands how integral central bank independence is to the country’s economic stability and international reputation.
“The fact that one of the main candidates of the Conservative Party of Canada … seems to profoundly misunderstand that or not care about the facts at all, is somewhat disappointing in an era when we need more responsible leadership, not less,” Trudeau said. . “But that is obviously a decision for members of the Conservative Party, not me.”
During Wednesday night’s debate in Edmonton, Poilievre pledged to replace Bank of Canada Governor Tiff Macklem with someone with a low-inflation mandate.
Asked about this during a press conference on Parliament Hill on Thursday, Trudeau said that the Bank of Canada is one of the “strongest, most stable and most reputable banking systems in the world,” and that its independence from the government in turn is “a really important principle”.
“It’s something that is a source of pride and a source of stability not only for Canadians, but also for Canadian companies, for Canadian investors and investments, for investors who come to Canada, to know that we have a strong central bank and rigorous that is independent of political machinations or interference,” Trudeau said.
Poilievre’s criticism of Canada’s central bank is a key pillar of his leadership campaign. She has promised to audit him, said she would ban him from using his own digital currency, and has generally questioned his independence.
With inflation at its highest rate in three decades, the Bank of Canada’s monetary policy has received more attention. Asked if he thinks the recent scrutiny is a problem for the central bank or if the federal government has a role to play, Trudeau said there is work to be done on both sides to reduce inflation and improve affordability.
“We have a responsibility to be there to support Canadians, the Bank of Canada has a responsibility to fight inflation. We do it independently of each other,” Trudeau said.
Poilievre’s latest suggestion to step in and fire the governor has also drawn the attention of some of his leadership’s opponents, some of whom were highly critical of his competitor’s comments about opting out of inflation through the cryptocurrencies during the debate on Wednesday.
Fellow candidate Leslyn Lewis told reporters after the English showdown that she was concerned about Poilievre’s Bank of Canada comments, stating that politicians should not undermine Canada’s financial institutions.
Former Bank of Canada governors have spoken out against Poilievre’s campaign comments about the institution, which he appears to be accepting. After former Governor David Dodge went on CTV’s question period to say that he thought Poilievre’s claim that the central bank was “financially illiterate” was “nonsense,” Poilievre fired back on social media.
“Former central banker Dodge should be ashamed he didn’t say anything when the Bank of Canada became Trudeau’s ATM… The establishment doesn’t want to be held accountable for the misery they caused our working class. It’s too bad. Get used to it.” . I’m just getting started,” he tweeted.
With files from Sarah Turnbull of CTV News
Reference-www.ctvnews.ca