Where’s the bank governor\u0027s grand tour advising executives to cap bonuses or cease raising dividends?
Yet Macklem’s advice encourages Canadian labourers, many of whose economic health has flatlined thanks, in large part, to the last two years of monetary policy, to also disproportionately bear the burden of fixing the BoC’s admitted errors.
To be clear, Macklem is free to make general economic statements and predictions, as he often has. However, giving specific advice to business owners about how they should negotiate workers’ wages is an entirely different affair that openly wades into the political sphere.Article content Of course, the rub is monetary policy is inherently political. Every choice picks winners and losers. It’s only in recent decades that the idea of unassailable central bank independence took hold. Macklem is simply, presumably unintentionally, lifting the veil.
It’s difficult to argue Pierre Poilievre dangerously threatens public confidence in the bank, and its independence, by saying he wants change at the top, when Macklem himself is publicly advising employers not to give working class Canadians a raise.
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