To stave off recession, the Bank of Canada and Parliament might have to work together [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
To stave off recession, the Bank of Canada and Parliament might have to work together Kevin Carmichael: The Bank of Canada let it be known that fiscal stimulus would be preferable to interest-rate cuts at this juncture Bank of Canada Governor Stephen Poloz’s decision this week to talk about fiscal policy deserves some more attention. Central bankers tend to avoid the political realm. But cross-border incursions are becoming necessary because the political discourse around fiscal policy is stuck in the early 1990s, a very different time from the post-crisis era we are in now. Economic stability for the foreseeable future could depend on the fiscal and monetary authorities working in concert, not independently, as has become their habit. Poloz avoided explicitly telling the new Parliament and the provinces what to do. Instead, the central bank let it be known that fiscal stimulus would be preferable to interest-rate cuts at this juncture. In effect, policy makers offered politicians a c
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