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Bob Plamondon: James Coyne was no champion of central bank independence

Bob Plamondon: Diefenbaker wasn't wrong to fire James Coyne



James Coyne, as governor of the Bank of Canada under Diefenbaker, deviated from his mandate by dictating economic policy and publicly criticizing the government's fiscal policies, particularly its spending and borrowing. He implemented a volatile bank rate and advocated for economic nationalism, straining relations with the government, who thought he was going overboard with a tight monetary policy.

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