By All Account: 75 Years of Central Banking

By All AcountsRevisit history of the Bank of Canada and its governors as seen through the eyes of outside observers—journalists, cartoonists, headline writers, economists, politicians, government-appointed commissions, and the Canadian public.

Join us for a fascinating look at the central bank, and discover how its governors—faced with challenges unique to their times—brought experience, expertise and personality to the difficult decisions made for the well-being of Canadians. Learn how the Bank has in the past—and continues— to influence our daily lives.

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By All Accounts: 75 Years of Central Banking By All Accounts: 75 Years of Central Banking The Bank of Canada officially opened its doors in Ottawa on 11 March 1935. When James Coyne became Governor of the Bank in 1954, he took up this anti-inflation cause with great enthusiasm—to the consternation of many.
The Bank of Canada, now under the leadership of Louis Rasminsky, bought Canadian dollars to prop up the dropping currency’s value. Throughout the 1970s and into the 1980s, Canadians simultaneously suffered both high inflation and economic stagnation, an economic predicament known as “stagflation.” Canada’s “misery index” rose sharply. By the time John Crow became Governor of the Bank in February 1987, the economy was in good shape—a sharp contrast to previous decades. When Gordon Thiessen became Governor of the Bank governor in 1994, the Canadian economy was recovering from the 1990–91 recession. Canadian exports were strong, thanks in part to the Canada-U.S. Free Trade Agreement.
David Dodge The Bank of Canada, under Governor Mark Carney, ensured that credit continued to flow through the economy, as did central banks in other G-8 and G-20 countries. In April 2009, the target for the overnight rate was set at ¼ per cent, its historic low. A recession is a contraction in overall economic activity—measured by the gross domestic product (GDP)—that lasts at least two consecutive quarters. By the time John Crow became Governor of the Bank in February 1987, the economy was in good shape—a sharp contrast to previous decades. Inflation had fallen from double digits to 4 per cent by the mid-1980s. But Crow was determined that inflation should be even lower to create a healthier environment for stable, long-term growth.
Throughout the 1970s and into the 1980s, Canadians simultaneously suffered both high inflation and economic stagnation, an economic predicament known as “stagflation.” By All Account: 75 Years of Central Banking By All Account: 75 Years of Central Banking
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