The G7 meeting discussed Canada’s support for Europe on energy security
OTTAWA – Canadian Finance Minister Christiaan Freeland on Friday defended the central bank as inflation reached a three-decade high and promised to step down the opposition Conservative Party if elected to fire the governor of the Bank of Canada.
“It is clear to all of us that we are living in a time of global unrest. We have covid. We have Russian aggression in Ukraine. We have a zero-cove policy in China, “Freeland told reporters at a teleconference from Munich, Germany, after the G7 meeting.
“In this environment, responsible political leadership means a very clear commitment from our government to the independence of the Bank of Canada and our confidence in the Bank of Canada, for Canadians and for the world.
Pierre Poliver, who led all elections ahead of the September vote to elect a new Conservative leader, said he would turf Bank of Canada Governor Tiff McCallum if he became prime minister “to bring inflation under control.”
Inflation rose to 6.8 percent in April, food prices rose to a four-decade high, and pressure on the central bank to raise interest rates sharply to avoid a spiral of inflation.