Canadian monetary policy is the legal responsibility of exactly one person, the Governor of the Bank of Canada. This single decision-maker structure is unique among the central banks of advanced economies. The last review of the bank’s governance structure was conducted by a parliamentary subcommittee in 1992 (known as the Manley Committee). It is time to assess the structure governing monetary policy decisions at the Bank of Canada once again.
In contrast to the Bank of Canada, monetary policy decisions in other leading central banks are made by statutory committees. Prominent examples include the U.S. Federal Reserve, the European Central Bank, the Bank of England and the Bank of Japan. In the past, many central banks had…
The refugee crisis and its global dimension continues as a major challenge for the international community. In our hemisphere alone, the United Nations estimates a staggering 5.4 million forcibly displaced Venezuelans by the end of 2019.
All of this serves as an urgent reminder that intergovernmental action is needed to address the crisis, not just in our own neighbourhood, but in other parts of the globe where refugees continue to flood across borders.
While collective intergovernmental action is needed for long-term solutions, there are important ways for the business community to be engaged as an important companion to state action.
Such private-sector initiatives would help to foster commercial activity and…
Do your skills match the requirements of your job? For a large portion of Canadians, the answer is no, which raises serious concerns for policy-makers.
While skills are essential for individual success in the labour market, they need to match properly with job requirements to enhance productivity and achieve desirable outcomes for workers, employers and society at large.
Although some skills mismatch is inevitable or temporary, the problem can worsen and become persistent in the face of technological changes and aging demographics, requiring governments and businesses to place a high priority on improving labour mobility and providing appropriate training opportunities.
Skills mismatch generally occurs when workers…
