Top Canadian banker shares economic insights with students

What can post-secondary students learn from Canada’s economic history? What does the country’s financial landscape look like moving forward?

Bank of Canada Governor Stephen S. Poloz explored these issues with University of Ontario Institute of Technology (UOIT) students and alumni during a recent visit to campus. Governor Poloz, whose decision-making and policies highly influence Canadian financial markets, spoke at the university on March 28 during an event organized in partnership with Durham College and Trent University Oshawa.

Poloz, who is originally from Oshawa, Ontario, touched on topics including:

• Retracing the historical importance of Canada’s trade relationships with Great Britain and the United States.
• Canada’s economic development and growth, both before and since Confederation.
• Openness in trade, investment and immigration.
• Innovation and the quest for economic progress.

“Protectionism does not promote growth and the cost is steep,” said Poloz, emphasizing that Canada’s openness and inclusivity has been vital to the nation’s economic growth. “Minimizing tariffs and economic progress go hand in hand.”

Prior to a post-speech news conference, Poloz took questions from the audience, including one from third-year Political Science student Diego Garcia.

Garcia asked about the student job market and its relation to the Bank of Canada. In his response, Poloz referred to the impact of the current low interest rate environment and the financial crisis of 2008-2009.

“We can see the forces working; they’re just acting more slowly than they have in past cycles,” said Poloz. He went on to reassure Garcia that, “as we watch them unfold we will see the economy use up its excess capacity and inflation will be stable there, and there will be jobs for the new grads.”

During the press conference, Poloz said students should focus on broadening their horizons. “When you’re going to school today you need to be thinking about learning how to learn—that is, learning tools instead of simply specific subjects, which may or may not carry you through your entire life.”

The event helped celebrate the 150th anniversary of Canadian Confederation.

• Link to video of Stephen Poloz’s March 28 presentation.