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Globe says CIBC, rivals hear Murray warn on BOC mandate

2021-06-22 07:46 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Tuesday, June 22, edition that former Bank of Canada deputy governor John Murray is cautioning the central bank against "mission creep" as it moves into the final months of a major review of its monetary policy framework. The Globe's Mark Rendell writes that Mr. Murray said in a report on Tuesday that the BOC should focus on maintaining or adjusting its core inflation targeting mandate, and avoid adding policy goals explicitly tied to unemployment, inequality or climate change. Mr. Murray said in an interview, "By putting too much on the central bank, you risk eroding its independence, its effectiveness through monetary policy and taking responsibility away to a degree from those who really should be sharing it." Mr. Rendell notes that the BOC renews its mandate with the federal government every five years. He says this latest review is happening as conversation grows among central bankers about the limits of monetary policy, and whether they can and should play a more active role in dealing with social and environmental issues. Mr. Murray applauded the bank's robust review, but cautioned against moving too far beyond the goal of price stability.

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