Saturday, June 22, 2013

New BoC Governor, Stephen Poloz, a breath of fresh air after Carney

Peter Foster:
... first public speech on Wednesday as Governor of the Bank of Canada ...
... Mr. Poloz came off as more appropriately modest than his predecessor Mark Carney ...

... former head of the Export Development Corporation, revealed a markedly less hectoring and arrogant style.

... also demonstrated a welcome new humility in noting that macroeconomic models were inadequate, and that the bank had consistently got its growth estimates wrong since the start of the crisis.

...Only on one occasion did Mr. Poloz stray into Mr. Carney’s area of high intellectual allusion.

... Generally, he made all the right noises on Wednesday. Above all he did not come across as somebody who imagines he is the star of the Canadian economy rather than, more appropriately, its Zamboni driver, whose job is to provide the flat surface on which the entrepreneurs and managers can show their creative talents. ...

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