He says: “General, you had this intense feeling of carrying a accountability, not only for just a few individuals, however principally for everyone; this sense that every little thing you do issues to so many individuals. It is a actually wealthy feeling. It is onerous to explain. There’s not a lot that may evaluate.”
He regards his time as governor, and as a macro policy-maker, as successful. When he took over, the economic system was nonetheless reeling from the worldwide monetary disaster after which in 2014 oil costs collapsed. Each occasions the financial institution labored to get issues again on monitor to the purpose the place, six months earlier than COVID hit, inflation was at 2% and unemployment was at a 40-year low. The lesson, he says, is that the more healthy the economic system, the extra resilient it is going to be within the occasion of a shock.
“What we’ve seen over the previous few years is the economic system has tailored terribly properly and outperformed all of the forecasts by the economics group, and outperformed what was specified by budgets by governments. The primary lesson is it’s at all times value investing in getting the economic system again to the place it belongs, as a result of that will get it arrange for no matter may come alongside [next].”
Maybe surprisingly, although, the highlights of Poloz’s reign are extra private. Getting his signature on the cash was symbolic of an ambition achieved. And whereas it’s regular for the governor to signal solely their initials, Poloz spelled out his full identify so each Stephen, his mom’s household identify, and Poloz, his father’s, had been in full view.
He’s additionally happy with getting the primary Canadian girl “on the cash” when Agnes MacPhail, the primary feminine parliamentarian, featured on a commemorative financial institution word. He views this as a “big accomplishment”, whereas underneath his management, the Financial institution of Canada additionally appointed its first ladies senior deputy governor in Carolyn Wilkins.