Stephen Poloz


Stephen S. Poloz (born 1955) is a Canadian banker and was the ninth Governor of the Bank of Canada.[1] He is also a member of the board of directors for the Bank for International Settlements.[2]

Stephen Poloz
Poloz in July 2018
9th Governor of the Bank of Canada
In office
June 3, 2013  June 3, 2020
Appointed byBoard of Directors of the Bank of Canada, with the approval of the federal Cabinet (Harper ministry)
Preceded byMark Carney
Succeeded byTiff Macklem
President and CEO of Export Development Canada
In office
2010–2013
Appointed byStephen Harper
Preceded byMark Carney
Personal details
Born1955 (age 6566)
Oshawa, Ontario, Canada
Spouse(s)Valerie Poloz
Children2
Alma mater
Signature

In July 2017, Poloz raised the Bank of Canada's key interest rate to 0.75%, the first interest rate increase in Canada in seven years.[3] Poloz remains concerned about Canada's high level of household debt and is monitoring how households react to each rate hike.

Background


Poloz was born in Oshawa, the son of a mould maker. His father is of Ukrainian and Polish descent, and his mother is of English and Scottish ancestry, and a descendant of George Stephen, 1st Baron Mount Stephen.[4][5] Poloz holds a Bachelor of Arts degree in economics from Queen's University and Master of Arts and Doctor of Philosophy degrees in economics from the University of Western Ontario. He is also a graduate of Columbia University's senior executive program and is a Certified International Trade Professional.[6] His doctoral thesis was on currency movements.[7]

Education


Stephen Poloz received his bachelor's degree in 1978 from the Queen's University at Kingston, Canada. He majored in economics.

He received his master's degree in economics in 1979 from the University of Western Ontario, and then a PhD in economics in 1982 from the same institution.

In 2017, Trent University Durham GTA awarded Poloz an honorary PhD degree.[8]

Career


From 1981 to 1994 Poloz was with the Bank of Canada, before leaving as chief of the research department to become managing editor of BCA Research from 1994 to 1999. Poloz joined Export Development Canada in 1999 and became its president and CEO in 2010.[9] He has been a visiting scholar with the "Economic Planning Agency" in Tokyo and at the International Monetary Fund in Washington, DC.[6]

Poloz attended the 62nd Bilderberg Annual Conference in Copenhagen, Denmark, in 2014, where one of the subjects discussed was the situation in Ukraine.[10]

Poloz holds an honorary Certified International Trade Professional (CITP) designation from the Forum for International Trade Training.[11] He is a past president of the Ottawa Economics Association.[12]

In 2013, he was appointed as the Governor of the Bank of Canada on a seven year term. In December 2019, the Bank of Canada announced he would not seek a second term after his initial appointment expired in June, 2020.[13]

After his term as Governor expired in 2020, Poloz joined the board of directors of Enbridge. On August 1, 2020, Poloz joined the Toronto based law firm Osler, Hoskin & Harcourt as a special advisor to the firm.[14]

Personal life


Poloz is married to Valerie Poloz and they have two children.[15]

References


  1. Stephen Poloz appointed Governor of Bank of Canada, Bank of Canada press releases, May 2, 2013.
  2. "Board of Directors". Bis.org. December 1, 2015. Retrieved June 23, 2017.
  3. "Bank of Canada raises interest rate for 1st time in 7 years to 0.75%". CBC News.
  4. Dark clouds to greet Stephen Poloz's first day at his dream job (personal details about Stephen Poloz), Globe and Mail, May 4, 2013.
  5. https://www.unfcanada.ca/2016/12/12/evening-with-bank-of-canada-governor-stephen-poloz/
  6. Poloz biography, Parliament of Canada website; accessed June 9, 2017.
  7. Canada's new central-bank governor: After Carney, Economist.com, May 11, 2013.
  8. Stephen Poloz - Bloomberg Profile, bloomberg.com
  9. Bujalska, Monika (December 1, 2010). "Appointment of New President and Chief Executive Officer of Export Development Canada". canada.ca (Press release). Government of Canada.
  10. Poloz profile, bilderbergmeetings.org; accessed June 9, 2017.
  11. "QBC Ottawa featuring Stephen Poloz". smith.queensu.ca. Retrieved April 5, 2016.
  12. "Stephen S. Poloz". www.bankofcanada.ca. Retrieved June 23, 2017.
  13. Wong, Craig (December 6, 2019). "Bank of Canada says Poloz will not seek a second term as governor". Canadian Business. Retrieved December 8, 2019.
  14. "Stephen Poloz joins Osler as Special Advisor", Osler news release, June 17, 2020.
  15. McMahon, Tamsin (May 2, 2013). "10 things you should know about the new Bank of Canada governor". Maclean's.