CANADA
BoC. REUTERS. 1 DE MAIO DE 2020. Canadá entrega rédeas do banco central a especialista em crises Macklem
Por Kelsey Johnson e Steve Scherer
OTTAWA (Reuters) - O Canadá convocou na sexta-feira Tiff Macklem para assumir o comando do Banco do Canadá, confiante de que o experiente banqueiro central ajudará o país a atravessar uma grave crise econômica causada pelo coronavírus e pela queda nos preços do petróleo.
Macklem, ex-vice-governador sênior do banco, se tornará o 10º governador do banco central do Canadá em 3 de junho.
Ele substitui Stephen Poloz, que introduziu o primeiro programa de compra de títulos em larga escala do banco e reduziu as taxas de juros para a mínima da década em 0,25% para aliviar o estresse nos mercados financeiros causado pelo surto de coronavírus.
Macklem “foi um dos principais administradores econômicos do Canadá durante a crise financeira de 2008, experiência que servirá bem ao Canadá enquanto trabalhamos para lidar com a crise de Covid-19”, disse o ministro das Finanças, Bill Morneau, ao anunciar a nomeação.
Macklem, de 58 anos, era visto por alguns observadores do mercado como um dos principais candidatos à função, principalmente com a piora na economia, por causa de sua sólida formação macroeconômica.
BIO: https://en.wikipedia.org/wiki/Tiff_Macklem
BANK OF CANADA. May 1, 2020. Tiff Macklem Appointed Governor of the Bank of Canada
Ottawa, Ontario - The Directors of the Bank of Canada, appointed under Section 9 of the Bank of Canada Act, today announced that they have appointed Tiff Macklem as Governor of the Bank of Canada for a seven-year term, effective 3 June 2020. Mr. Macklem will succeed Stephen S. Poloz, who is leaving the Bank of Canada on 2 June 2020.
"After pursuing an exhaustive domestic and international selection process for this crucial role, I'm delighted to say that Tiff Macklem has the exceptional qualities to fulfil this role,” said Claire Kennedy, Chair of the Special Committee of the Board of Directors. "Tiff has deep knowledge of monetary policy and financial stability issues, a proven crisis management track record, and extensive senior leadership experience. We are confident Tiff will make an outstanding contribution to promoting the economic and financial welfare of Canada, and to upholding the Bank’s exemplary reputation as a leading central bank.”
A native of Montréal, Quebec, Mr. Macklem has been Dean of the Rotman School of Management at the University of Toronto since July 2014. Prior to that, he served as the Senior Deputy Governor at the Bank of Canada between July 2010 and May 2014. Before his appointment as Senior Deputy Governor, Mr. Macklem was Associate Deputy Minister at the Department of Finance, serving as Canada's representative at the G7, G20 and Financial Stability Board. Mr. Macklem first joined the Bank in 1984 and occupied increasingly senior positions until he was appointed Advisor to the Governor in August 2003. In 2003-4, he was seconded to the Department of Finance, before returning to the Bank as Deputy Governor in December 2004. Mr. Macklem graduated from Queen's University in 1983 with a bachelor's degree in economics, and completed a master’s degree and a PhD in economics from the University of Western Ontario.
On behalf of the directors, Ms. Kennedy thanked Governor Poloz for his dedicated service and his leadership in promoting the economic and financial well being of Canada throughout his tenure. She also thanked him for the important contributions he has made to the global policy dialogue, which are being brought to bear in the current challenging circumstances. On behalf of Canadians, the Board expressed its appreciation for Governor Poloz's distinguished career at the Bank of Canada, the legacy of which will continue to serve our country well.
BANK OF CANADA. REUTERS. May 1, 2020. Statement by Governor Poloz on Announcement of New Governor. Stephen S. Poloz - Governor
Ottawa, Ontario - Let me begin by thanking the directors for conducting an extensive and thorough search for the tenth Governor of the Bank of Canada. They have done an outstanding job in selecting the next leader to run this important institution.
The past seven years have been incredibly rewarding professionally and personally, and equally challenging. I want to thank all Board members, present and past, for their support, and Minister Morneau for his leadership and friendship these past few years.
It is bittersweet for me to be leaving this great institution. I’ve had the time of my life, in my dream job. That said, every Governor understands that you are a steward, and handing over the reins to someone as capable as Tiff Macklem means the Bank, and its role supporting Canadians, is in solid hands. Like me, Tiff grew up in this organization, and I know that like me, he will serve as a dedicated steward for the next generation of central bankers. I also know that Tiff can count on the support and advice of the Bank’s Governing Council, management, and incredible staff as he takes on this rewarding role.
On a more personal note, this represents the third time I have welcomed Tiff to the Bank of Canada, having done so back in 1984, in 1989 after he completed his PhD, and again today.
I’d like to finish by publicly congratulating you, Tiff, and offering my sincere best wishes for a successful term as you lead the Bank in the service of Canadians.
BANK OF CANADA. May 1, 2020. Statement by Claire Kennedy on Announcement of New Governor. Claire M. C. Kennedy - Board of Directors Member
Ottawa, Ontario - As Lead Director, I have chaired the Special Committee of the Bank of Canada’s independent directors, which, in accordance with the Bank of Canada Act, has been responsible for recruiting the next Governor of the Bank of Canada.
The members of the Special Committee have appointed Tiff Macklem as the Governor of the Bank of Canada effective June 3, 2020 for a seven-year term.
The Bank is an independent Crown corporation that is ultimately owned by the people of Canada and accountable to them. Its mandate is to promote the economic and financial welfare of Canada. With that in mind, we conducted an extensive search for its next Governor. While I intend to respect the confidentiality of all the individuals who were considered during this process, I do want you to know that through our search, we had the opportunity to meet with a range of very impressive individuals.
Tiff has deep knowledge of monetary policy and financial stability issues, a proven crisis management track record, and extensive senior leadership experience that qualify him well to be the tenth Governor. Given those impressive qualifications as well as his previous years of outstanding service and contribution at the Bank, the Directors are confident Tiff will serve both the institution and Canada with distinction.
At this time, I also want to thank Governor Poloz for his exemplary leadership of the Bank throughout his tenure and of particular note, during the events of the past few months. The Bank always plays a critical role in the support of Canada’s economic and financial welfare, but the current unprecedented circumstances have placed extraordinary personal and professional demands on the Bank’s leaders and staff. Under Governor Poloz, the Bank has responded resolutely, cementing its reputation as a leading central bank.
So, on behalf of all Canadians, the Board expresses its appreciation for Governor Poloz's distinguished career at the Bank of Canada, the legacy of which will continue to serve our country well.
BANK OF CANADA. May 1, 2020. Statement by Tiff Macklem on his announcement as New Governor. Tiff Macklem - Governor Designate (June 3, 2020)
Ottawa, Ontario - To the Minister of Finance and Board of Directors of the Bank, thank you for selecting me as the tenth Governor of the Bank of Canada. It is a privilege and an honour.
I am looking forward to returning to the Bank and working alongside the distinguished members of the Governing Council and the Bank’s first-rate staff. The Bank’s employees have always been its greatest strength, and thanks to their efforts, the institution is considered as one of the world’s leading and trusted central banks. That reputation has only been enhanced by the Bank’s decisive and unprecedented response to the COVID-19 crisis, led by Governor Poloz and Senior Deputy Governor Wilkins. The Bank’s actions are helping to protect Canada’s economy and its financial system from lasting damage.
And while the events of the past several weeks have been all-consuming, the term of a Governor is seven years. And looking over the entirety of Governor Poloz’s term, his contributions to Canada have been outstanding. He was appointed in 2013, when the Canadian and global economies were still dealing with the after-effects of the Global Financial Crisis. A year and a half later, he and his team had to manage the effects of an oil shock. Throughout his seven years, with several setbacks along the way, Governor Poloz has worked to bring the economy back home; with inflation on target at the 2 per cent target and unemployment at a forty-year low, as recently as January. Over the past couple of months, Canadians have benefitted from the leadership of Governor Poloz in dealing with the economic effects of COVID-19.
The Bank of Canada promotes the wellbeing of Canadians through its four core functions: the independent conduct of monetary policy; the provision of secure, reliable bank notes; the promotion of a safe and efficient financial system; and by providing banking services to the Government of Canada. I’m looking forward to building on the fine standard that Governor Poloz, his team, and our predecessors have provided, so that we can continue to fulfil the mandate set out in the Bank of Canada Act.
To all Canadians, I pledge to do all I can to live up to the very high standards of those who have come before me.
Now my colleagues and I will be glad to take questions.
US ECONOMICS
NOMINATIONS
THE WHITE HOUSE. May 1, 2020. NOMINATIONS & APPOINTMENTS. President Donald J. Trump Announces Intent to Nominate and Appoint Individuals to Key Administration Posts
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Lisa S. Kenna, of Vermont, to be Ambassador Extraordinary and Plenipotentiary of the United States of America to the Republic of Peru.
Ms. Kenna, a career member of the Senior Foreign Service, class of Counselor, is the Executive Secretary of the Department of State and a Senior Advisor. She previously served as a Political Advisor in the Office of the Secretary of Defense, and before that she was chief of the political section of the United States Embassy in Amman, Jordan.
Ms. Kenna was previously Director of the Iraq office in the National Security Council at the White House following a tour as Deputy Director of the Iraq Political Office in the Bureau of Near Eastern Affairs at the State Department. She served as a political/military officer at the United States Embassy in Cairo, Egypt. Other assignments overseas included the United States Embassy in Mbabane, Swaziland, and the United StatesConsulate General in Peshawar, Pakistan.
Before joining the State Department, Ms. Kenna was an attorney in private practice. A graduate of Middlebury College and the University of Connecticut School of Law, she speaks Arabic, Persian and Urdu.
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ORGANISMS
COLOMBIA
IMF. May 1, 2020. IMF Executive Board Approves New Two-Year US$10.8 Billion Flexible Credit Line Arrangement for Colombia
- The IMF approved today a successor two-year arrangement for Colombia under the Flexible Credit Line (FCL), designed for crisis prevention, of about US$10.8 billion.
- Colombia qualifies for the FCL by virtue of its very strong institutional policy frameworks and track record of economic performance and policy implementation.
- The arrangement should boost market confidence, and combined with the comfortable level of international reserves, provide insurance against downside risks.
The FCL was established on March 24, 2009 as part of a major reform of the Fund’s lending framework (see Press Release No. 09/85). The FCL is designed for crisis prevention purposes as it provides the flexibility to draw on the credit line at any time. Disbursements are not phased nor conditioned on compliance with policy targets as in traditional IMF-supported programs. This large, upfront access with no ongoing conditions is justified by the very strong track records of countries that qualify for the FCL, which gives confidence that their economic policies will remain strong.
Following the Executive Board’s discussion on Colombia, Mr. Geoffrey Okamoto, First Deputy Managing Director and Chair, issued the following statement:
“Colombia has very strong policy frameworks—anchored by a flexible exchange rate, a credible inflation targeting-regime, effective financial sector supervision and regulation, and a structural fiscal rule— that have served as a basis for the economy’s resilience prior to the Covid-19 pandemic. During this time, Colombia has made remarkable efforts to integrate a substantial number of migrants from Venezuela that boosted domestic demand but widened external vulnerabilities.
“In the wake of the pandemic, Colombia’s economy is expected to contract for the first time in two decades. Consistent with their very strong track record of economic management, the authorities’ early actions to mitigate the spread of the pandemic, monetary and macroprudential policy responses, and fiscal plans—including the creation of a crisis mitigation fund to support health spending, vulnerable households and businesses—will help the economy through recession. Nevertheless, the balance of risks to the economy is sharply skewed to the downside and an exceptionally weak external environment raises Colombia’s vulnerability to still lower commodity prices, additional financial market volatility, and a further deterioration of Venezuela’s crisis.
“The new arrangement under the FCL will help Colombia manage heightened external risks, protect ongoing efforts to effectively respond to the pandemic, integrate migrants, foster inclusive growth, and reduce external vulnerabilities. Despite higher external vulnerabilities, risks, and stress, the new arrangement can be maintained at the same access level because the authorities have built higher external buffers by accumulating significant additional reserves since the 2018 FCL request. The arrangement should boost market confidence, and combined with the comfortable level of international reserves, provide insurance against downside risks. The authorities intend to continue to treat this instrument as precautionary and to gradually phase out its use conditional on a reduction of external risks.”
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LGCJ.:
