Bank of Canada Governor – More trade and immigration good for Canada’s prosperity

Bank of Canada governor Stephen Poloz used a history lesson Tuesday to make a case for a policy mix frequently promoted by the federal government – an openness to more foreign investment, immigration and free trade.

In a prepared speech, Poloz said Canada has seen these ingredients produce positive economic results in its past, including the freer-market colonial times, the early 1900s and the post-Second World War era.

On the other hand, he said periods that saw Canada turn inwards, such as the tariff-heavy years that followed Confederation and the Great Depression, have rarely led to success.

“I find the correlation between economic progress and openness to be striking,” Poloz said in the speech, to be delivered at Durham College in his hometown of Oshawa, Ont.

“When trade barriers are falling, when people are coming to our shores and when investment is rising, Canadians prosper.” Read more…

Bank of Canada Governor – More trade and immigration good for Canada’s prosperity