Does the Bank of Canada’s mandate need to ‘modernize?’ A senator thinks so - National | Globalnews.ca
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Bellemare's bill is the latest case of politicians weighing in on the institution's interest rate and policy decisions this month.

Bellemare’s bill is the latest case of politicians weighing in on the institution’s interest rate and policy decisions this month.

  • ImplyingImplications@lemmy.ca
    171·
    1 year ago

    Bill S-275 seeks to amend the Bank of Canada Act and address what the bill calls “the impression among some Canadians that there is a democratic deficit in monetary policy management.”

    When money should be printed should absolutely not be a democratic decision. It absolutely should be the decision of highly educated professional and impartial economists. Otherwise you get “vote for me and I’ll lower interest rates!” Which is what Zimbabwe did right before hyperinflation created the need to print 1 billion dollar notes.

    • i_love_FFT@lemmy.ml
      2·
      1 year ago

      Also this part:

      restrictions on who can be on the board including they cannot be a sitting senator, MP or member of a provincial or territorial legislature or employed in the public service or federal public administration.

      Anyone not “recognized in their field” for open-economy macroeconomics, the financial system, the labour market, supply chains and risk management would not be eligible, the bill says.

      So basically just successful C-level executives, or does it includes university professors?