New governor of Bank of Canada appears cautiously optimistic

June 6, 2013

Much like the United States, Canada underwent a great deal of economic strife during the recession of 2008-09, which struck in the wake of the 2008 financial crisis. The incident was likely the subject of numerous long phone conversations held using a prepaid phone card. Recently, the newly appointed governor of the Bank of Canada, Stephen Poloz, made his first address to the finance committee of the Canadian House of Commons, and his statements, while not openly hopeful, could be perceived as cautiously optimistic.

The Toronto Star reported that Poloz focused on the need to strengthen the Canadian economy. The problems with the Canadian market are numerous and multifaceted, running the gamut from the conflict between the country's oil supplies and the struggling manufacturing industry to the persistent scrutiny over interest rates. Poloz said that Canada needed to strengthen its trade through the implementation of free-trade agreements with other nations. He also stated that it was essential to remember the human side of these many financial issues.

"We must always remember that beneath our economic and financial statistics and analysis are real people, making real decisions that can lead to bad outcomes as well as good ones," Poloz said, according to the news source.

Although the currently low interest rates of the Bank of Canada are causing some to worry, Poloz is not expected to raise them. According to CBC, he said, "For now...we don't see that those risks (from low rates) are manifesting themselves in a threatening way."

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