Poloz's tenure will be remembered for devaluing the loonie: Philip Cross
Stephen Poloz, who led the fight to grow Canada’s economy through a fitful post-recession global recovery, announced he won’t seek a second term at the helm of the central bank when his mandate ends in June.
Poloz informed the Bank of Canada’s board of directors of his decision, according to a statement Friday morning from the bank.
“It has been a privilege to serve as the ninth Governor of the Bank of Canada,” Poloz said in a statement posted to the bank’s website Friday morning. He called his time at the bank, which began in 2013, “the most fulfilling of my long career.”
Even after recent interest rate increases, borrowing costs were kept lower near the lowest levels under his watch than at any time in the central bank’s 80-year history. That ultimately kept the economy afloat long enough to oversee one of the fastest increases in jobs and probably the largest accumulation of wealth in the nation’s history, as cheap money inflated the value of real estate and financial assets.
But Poloz’s efforts to return the economy to full health — where it’s not reliant on low interest rates, housing and debt — ultimately fell short as Canada grappled with the lingering effects of the last recession and wrestled with a litany of new headwinds including a once-in-a-generation collapse in commodity prices and the impacts of global trade tensions.