Prime Minister Justin Trudeau came out on Thursday in response to Pierre Poilievre’s promise to fire the governor of the Bank of Canada if he became prime minister.
Trudeau questioned whether the alleged frontrunner of the conservative leadership understands how integral central bank independence is to the country’s economic stability and international reputation.
“The fact that one of the leading candidates for the Conservative Party of Canada … seems to either misunderstand or ignore the facts at all is somewhat disappointing in an era when we need more responsible leadership, not less said Trudeau. † “But that is clearly a decision for members of the Conservative Party, not for me.”
During Wednesday night’s debate in Edmonton, Poilievre promised to replace Bank of Canada governor Tiff Macklem with someone with a low-inflation mandate.
When asked about this during a press conference on Parliament Hill Thursday, Trudeau said the Bank of Canada is one of the “strongest, most stable, most reputable banking systems in the world” and that its independence from government of the day “is” a very important principle.”
“It’s something that’s a source of pride and a source of stability, not just for Canadians, but for Canadian companies, for Canadian investors and investment, for investors coming into Canada, to know that we have a robust and rigorous central bank which is independent of political machinations or interference,” Trudeau said.
Poilièvre’s criticism of the Canadian central bank is a key pillar of his leadership campaign. He has vowed to have it audited, said he would ban it from using his own digital currency, and has generally questioned his independence.
With the highest inflation in three decades, the monetary policy of the Bank of Canada has received more attention. Asked whether he thinks the recent audit is a problem for the central bank or whether the federal government has a role to play, Trudeau said there is work to be done on both sides to lower 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,” Trudeau said.
Poilievre’s latest suggestion to intervene and fire the governor has also raised the eyebrows of some of his leadership opponents, some of whom have been highly critical of their competitor’s comments about denying inflation through cryptocurrency during the campaign. debate on Wednesday.
Fellow candidate Leslyn Lewis told reporters after the Anglophone showdown that she was concerned about Poilievre’s Bank of Canada comments saying that politicians should not undermine Canada’s financial institutions.
Former Bank of Canada governors have spoken out against Poilievre’s comments about the institution, something he appears to be embracing. After former Governor David Dodge went on CTV’s question period to say that he “bull****” Poilievre’s claim that the central bank was “financially illiterate”, Poilievre was shot back on social media.
“Former central banker Dodge should be ashamed of himself, he said nothing when the Bank of Canada became Trudeau’s ATM… The establishment doesn’t want to be held responsible for the misery they have caused our working class. Too bad. Get used to it. just started,” he tweeted.
With files from CTV News’ Sarah Turnbull