Brokers pleased with Poloz as BoC governor

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Brokers are giving a thumbs-up to the appointment of Stephen Poloz as Canada’s next governor of the Bank of Canada.
“I think that Stephen Poloz certainly has the credentials needed for the job, and from what I have heard he has a good reputation,” says Paul Therien, director of business development for Centum Financial Group. “As for how he will do in this new role, namely, will his experience and knowledge translate into a strong Bank of Canada governor? Indicators say that they will, but only time will tell.”
Finance Minister Jim Flaherty announced last week that Poloz, economist and head of Export Development Canada, the Ottawa-based export credit agency, would take over from Mark Carney, now off to take the reins of the Bank of England.
“It’s taken us some time to get to this point,” the finance minister told reporters at a news conference in Ottawa. “It is time well spent. We sought the best candidates from around the world.”
Therien does hope Poloz shows the same care and concern that his predecessor has, continuing the policies already established by Carney.
“I wish him the best of luck and hope that he is as focused on protecting the Canadian economy as Mark Carney was,” says Therien.
Mr. Poloz, age 57, had been rumoured to be a strong contender given his previous 14-year stretch at the Bank of Canada and global experience that included a stint at the Economic Planning Agency in Tokyo and the International Monetary Fund in Washington.
William Harrison, a mortgage agent with DLC, says the man in charge of Canada’s banks is certainly head and shoulders above most of his American counterparts.
“As for Dr. Poloz, he certainly does have the credentials and exemplary background,” says Harrison. “I would say more so than the usual rogues who get appointed to the Secretary of the Treasury in the U.S.”
  • Max Cafissi on 2013-05-06 10:06:18 AM

    I'm not so sure this is a wise appontment. Dr. Poloz's background is predominately in Export Development. I'm sure he will assist in any way he can in making our Manufacturing Exports more competitive globally. The only way I can see this happening is if the value of our dollar goes down in relation to the U.S. dollar. This will undoubtedly result in a downturn in Real Estate values, thus precipitating the " bursting of the bubble " that Mr. Carney has fought so hard to avoid. I'm hoping for the best, but I have my doubts about this appointment.

  • Paolo Di Petta | on 2013-05-06 2:52:08 PM

    I wonder how all these changes at the CMHC, and the BoC are going to shape the future. Sounds like more of the status quo, but it's important to consider that what worked yesterday, might not work tomorrow.

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