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(OTTAWA, ON) – May 1 2020 – The Canadian Chamber of Commerce’s Vice-President of Policy and Chief Economist, Trevin Stratton, issued the following statement today regarding the appointment of Tiff Macklem as the new Governor of the Bank of Canada:

“The Canadian Chamber of Commerce congratulates Tiff Macklem on his appointment as the next Governor of the Bank of Canada. The Government of Canada’s decision puts a steady and tested hand at the tiller during an unprecedented economic storm.

We thank Governor Poloz for a successful tenure and his service to the business community and all Canadians.

This leadership transition comes as the country experiences the steepest decline in economic activity on record, and millions of Canadians and tens of thousands of businesses are relying on new federal measures for short-term liquidity and eventual recovery.

The Governor-designate will face the challenge of managing a recession and billions in government bond purchases, while navigating rising government and household indebtedness and historically low interest rates.

Beyond being a key player in upcoming recovery decisions, the incoming Governor will oversee historic decisions pertaining to the future of money, payment systems, financial digitalization, and inflation-target renewal.

The Canadian Chamber of Commerce looks forward to working together with Governor-designate Macklem in addressing the economic challenges we will all face.”

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About the Canadian Chamber of Commerce – Because Business Matters
The Canadian Chamber of Commerce helps build the businesses that support our families, our communities and our country. We do this by influencing government policy, by providing essential business services and by connecting businesses to information they can use, to opportunities for growth and to a network of local chambers, businesses, decision-makers and peers from across the country, in every sector of the economy and at all levels of government, as well as internationally. We are unapologetic in our support for business and the vital role it plays in building and sustaining our great nation.

For more information, please contact:
Phil Taylor
ptaylor@chamber.ca