Canada's new Central Bank Governor, Mark Carney, wants to modernize the Central Bank's approach to globalization and sophisticated financial markets. What is the one thing he doesn't want to do with the Loonie?
#90567. Asked by pmac41. (Jan 01 08 6:22 AM)
For Canada to fix its currency to the U.S. dollar.|
Don't peg loonie to greenback, incoming Bank governor says
Globe and Mail Update
December 5, 2007 at 8:48 PM EST
The Bank of Canada's governor-designate presented himself as a keen inflation fighter who wants to modernize the institution's approach to globalization and sophisticated financial markets, someone who believes strongly in explaining the bank's decisions to the public, and someone who sticks to his script, deftly dodging uncomfortable questions.
In a 90-minute session with the House of Commons finance committee meant to make sure the federal government had chosen the right man for the job, Mr. Carney also passionately rejected the case for monetary union with the United States.
Since the dollar has been so volatile lately, "it is not surprising that some have called for Canada to fix its currency to the U.S. dollar," he said in an opening statement. "In my opinion, it would be a mistake to do so."
Fixing loonie to U.S. dollar would be a 'mistake': Carney|
Last Updated: Wednesday, December 5, 2007
It would be a "mistake" to peg the Canadian dollar to the U.S. dollar, according to the incoming Bank of Canada governor, Mark Carney.
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