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The Bank of Canada has just made its fourth consecutive drop in interest rates since June, bringing the key rate to 3.75 per cent. This move comes as Canada faces significant economic challenges, including the threat of a looming recession, inflation and an overheated housing market.
Today in The Conversation Canada, Sorin Rizeanu from the University of Victoria explains the difficult tightrope the Bank of Canada has to walk when it comes to dealing with Canada’s economic challenges. The central bank must balance stable exchange rates, financial market openness and an independent monetary policy — a trio of goals that can’t all be achieved at once.
Meanwhile, the government is wrestling with its own set of priorities: climate change, immigration and wealth inequality. Even if the central bank wanted to address these issues, it’s limited by its ability to manage multiple goals with just one policy instrument.
Rizeanu argues that monetary policy isn’t enough on its own to tackle Canada’s economic issues. He writes: “Monetary policy is vital, but it’s merely the first line of defence against inflation. To truly address Canada’s economic issues, both monetary and fiscal policies need to work together in harmony.”
Also today:
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Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers hold a press conference at the Bank of Canada in Ottawa on Oct. 23, 2024.
THE CANADIAN PRESS/Sean Kilpatrick
Sorin Rizeanu, University of Victoria
Monetary policy is vital, but it cannot be the only way to fix the Canadian economy — it’s merely the first line of defence against inflation.
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People walk down a path surrounded by large trees at Stanley Park in Vancouver, on June 21, 2023.
THE CANADIAN PRESS/Ethan Cairns
Rachel Buxton, Carleton University; Emma J. Hudgins, The University of Melbourne; Stephanie Prince Ware, L’Université d’Ottawa/University of Ottawa
Tree and bird diversity has been linked to a number of positive mental health outcomes. It is time that urban planners interested in human well-being take biodiversity into account.
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The coelacanth Ngamugawi wirngarri in its Devonian reef habitat.
(Drawing: Katrina Kenny)
Richard Cloutier, Université du Québec à Rimouski (UQAR); Alice Clement, Flinders University; John Long, Flinders University
Researchers have discovered a new extinct species of coelacanth that lived 380 million years ago.
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Alexander Lapshin, centre, a Russian blogger detained by police in Belarus in December 2016, is escorted out of a plane in February 2017 by law enforcement agents in Baku, Azerbaijan after being extradited there by Belarus. He was later convicted of taking an unauthorized journalistic trip.
(AP Photo)
Frederick John Packer, L’Université d’Ottawa/University of Ottawa; Philip Leech-Ngo, L’Université d’Ottawa/University of Ottawa
Alexander Lapshin’s experiences being detained and tortured for allegedly insulting an authoritarian strongman highlights the dangers faced by activists even in seemingly secure environments.
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Sol organique cultivé de la Montérégie sous culture de laitues en cours d’irrigation.
(Karolane Bourdon)
Karolane Bourdon, Université Laval; Jacynthe Dessureault-Rompré, Université Laval; Jean Caron, Université Laval; Josée Fortin, Université Laval
Les sols organiques, un des piliers de l’autonomie alimentaire du Québec, pourraient disparaître d’ici 50 ans. Heureusement, l’application de paille ou de copeaux de bois pourrait régénérer ces sols.
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Culture + Society
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Alexa Scarlata, RMIT University
The new show, centred on power struggles in Australia’s Top End, joins a spate of successful Australian commissions released by the streamer this year.
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Environment + Energy
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Nicolas Forsans, University of Essex
Cuba was plunged into darkness for four consecutive nights after the country’s power grid failed.
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