The Globe and Mail reports in its Saturday, June 1, edition that Monday marks Stephen Poloz's sixth year as the Governor of the Bank of Canada. The Globes David Parkinson and Barrie McKenna write that under Mr. Poloz's watch inflation has returned to the BOC's 2-per-cent target.
As the one-year countdown to the end of Mr. Poloz's term in office begins, some key issues from five years ago stubbornly remain -- the below-capacity economy, the nagging uncertainties, the need for growth in exports and business investment to lead the economy to the promised land or "home," as Mr. Poloz often calls it. Mr. Poloz will be just a few months shy of his 65th birthday next June. The widespread assumption is that Mr. Poloz's tenure has entered its twilight. Mr. Poloz, however, has his mission well in hand. The BOC's prime objective is to maintain low and stable inflation, as defined by its 2-per-cent target. For nearly a year and a half, the bank's three measures of core inflation have all hovered within a couple of decimal points of that target, the very picture of stable, on-target inflation.
C.D. Howe Institute president William Robson says, "It's very hard to say anything other than that he has done a terrific job."
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