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Bringing about a higher level of transparency and accountability in provincial and federal governments to help protect taxpayers from abuse

Bringing about a higher level of transparency and accountability in provincial and federal governments to help protect taxpayers from abuse.

Whose Canada Infrastructure Bank?

In mid-April, Bank of Canada (BOC) governor Stephen Poloz surprised many Canadians when he stated that the Federal Finance Minister “is not my boss,” while insisting that the Bank of Canada “is a fully independent policymaker.”

In reporting this, the Financial Post (April 13) also quoted a UK-based economist who said, “Technically, the bank is a Crown corporation and the shares are owned by the Minister of Finance. So as the main shareholder, it could force some decision…But in real life, central banks have fought for their independence, which is widely recognized as sound policy and means that the finance minister does not interfere in the bank’s affairs and allows the bank to be independent.” [1]

But according to members of the Toronto-based Committee on Monetary and Economic Reform (COMER), the Bank of Canada Act is clear about just who is Poloz’s “boss.” Article 14:2 of the Bank of Canada Act states that in any difference of opinion between the Governor and the Finance Minister regarding monetary policy, the Minister may “give to the Governor a written directive…and the Bank shall comply with that directive,” which would then have to be published in the Canada Gazette and presented to Parliament.

Source: http://www.watershedsentinel.ca/content/whose-canada-infrastructure-bank

Central Bank Chief Says Canada Can Handle More Infrastructure Investment

The Canadian government has ample fiscal room to increase spending on infrastructure, Bank of Canada Gov. Stephen Poloz said, adding it is required to offer a boost to the country’s tepid growth profile.

“We have plenty of opportunities in Canada to deploy more infrastructure investment,” Mr. Poloz said in an interview with Canada’s Global TV network broadcast on Sunday. “There’s a balance point in all this, but Canada is in a very good fiscal situation so we shouldn’t be worrying about” the impact of higher budget deficits at this time, he added.

Source: http://www.wsj.com/articles/central-bank-chief-says-canada-can-handle-more-infrastructure-investment-1477243921

Young Canadians should get used to precarious employment: Finance Minister

Finance Minister Bill Morneau says Canadians should get used to so-called “job churn” — short-term employment and a number of career changes in a person’s life.

Morneau made the comment on Saturday at a meeting of the federal Liberal Party’s Ontario wing, days before he’s scheduled to deliver a fall economic update.

The remark also comes just three days after the Bank of Canada delivered bad news for the economy, downgrading the country’s growth outlook yet again.

And when asked about precarious employment the finance minister told delegates that high employee turnover and short-term contract work will continue in young people’s lives, and the government has to focus on preparing for it.

“We also need to think about, ‘How do we train and retrain people as they move from job to job to job?’ Because it’s going to happen. We have to accept that,” Morneau said during a question-and-answer session.

Elsewhere in his presentation, Morneau noted that some people will see their jobs disappear in the years to come — truck drivers and receptionists, for instance.

Morneau said the government has to look at helping out with the “things underneath” disappearing or precarious work.

Source: https://www.google.com/url?hl=en&q=http://www.waterloochronicle.ca/news-story/6925075-young-canadians-should-get-used-to-precarious-employment-finance-minister&source=gmail&ust=1477420787900000&usg=AFQjCNHJFHrKhKEZfW7Wm2uR9SFvatip4w