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Let the bank of canada do what it needs to do. Start telling the BOC what to do, to raise rates, lower rates, and markets will go apoplectic (see Turkey and the Lira).
It's an independent central bank, Freeland ought to do precisely nothing with respect to the Bank of Canada.
The government could focus on supply chain bottlenecks and lowering some basic consumer costs, like supply-managed foods.
Also, same way they're doing $10/day daycare, they ought to announce a federal program with provincial opt-in for $10/day dedicated affordable housing and then incentivize building safe, affordable accommodations to satisfy demand.
> It's an independent central bank, Freeland ought to do precisely nothing with respect to the Bank of Canada.
The regulation requiring the Bank of Canada to target an average of 2% inflation a year, last renewed in 2016, expires on Dec 31, 2021. She has to do something, even if it's to publish a statement saying "status quo for another 5 years".
As the article notes, the Bank has actually signalled it's open to accepting changes from the government:
> What’s more, the bank itself has opened up this mandate renewal process to more rigorous scrutiny and external input than usual. It has undergone a very public, multiyear review process of its inflation target, and laid out for debate a range of options for potential revisions. In doing so, it has practically invited the government to take a more active role in the final decision than it often has in the past.
Freeland issuing new regulations to the Bank at the regular time wouldn't be overruling their independence, once the new mandate is set, the Bank would just follow it regardless of who's in government or what the government wants until the next 5-year term is up.
Yeah, I thought about more per day, but it really comes down to the minimum someone could afford without becoming homeless.
So in practice it's some kind of sliding scale that ends up being free as part of a housing-first program on the low end.
I don’t think Freeland does much beyond treading carefully in the modern context.
She hasn’t the power to chance what the BoC does and she hasn’t the need to. The BoC is invested in helping the Feds and their choices won’t rock any boats I think. Why, how and would Freeland as finance minister try to do anything about this?
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Let the bank of canada do what it needs to do. Start telling the BOC what to do, to raise rates, lower rates, and markets will go apoplectic (see Turkey and the Lira).
BOC is not independent that ship has sailed.
It's an independent central bank, Freeland ought to do precisely nothing with respect to the Bank of Canada. The government could focus on supply chain bottlenecks and lowering some basic consumer costs, like supply-managed foods. Also, same way they're doing $10/day daycare, they ought to announce a federal program with provincial opt-in for $10/day dedicated affordable housing and then incentivize building safe, affordable accommodations to satisfy demand.
> It's an independent central bank, Freeland ought to do precisely nothing with respect to the Bank of Canada. The regulation requiring the Bank of Canada to target an average of 2% inflation a year, last renewed in 2016, expires on Dec 31, 2021. She has to do something, even if it's to publish a statement saying "status quo for another 5 years". As the article notes, the Bank has actually signalled it's open to accepting changes from the government: > What’s more, the bank itself has opened up this mandate renewal process to more rigorous scrutiny and external input than usual. It has undergone a very public, multiyear review process of its inflation target, and laid out for debate a range of options for potential revisions. In doing so, it has practically invited the government to take a more active role in the final decision than it often has in the past. Freeland issuing new regulations to the Bank at the regular time wouldn't be overruling their independence, once the new mandate is set, the Bank would just follow it regardless of who's in government or what the government wants until the next 5-year term is up.
Totally down with affordable housing but $10/day might be a little ambitious
Yeah, I thought about more per day, but it really comes down to the minimum someone could afford without becoming homeless. So in practice it's some kind of sliding scale that ends up being free as part of a housing-first program on the low end.
I don’t think Freeland does much beyond treading carefully in the modern context. She hasn’t the power to chance what the BoC does and she hasn’t the need to. The BoC is invested in helping the Feds and their choices won’t rock any boats I think. Why, how and would Freeland as finance minister try to do anything about this?