The Bank of Canada is among the least transparent major central banks in the world.
I made this point in my weekly column for the Globe and Mail late last year. Thanks to former Federal Reserve governor Kevin Warsh's work for Mark Carney (PDF), there was suddenly empirical evidence to support an argument that I had until then based mostly on impressions, such as the relatively cloistered nature of the Bank of Canada's Governing Council. I couldn't let the moment pass undocumented. It helped that it was the slow holiday period, where editors are so desperate they will accept most anything, even several hundred words on central bank transparency.
For reasons of fairness, I am compelled now to acknowledge a significant shift by Bank of Canada Governor Stephen Poloz on the transparency spectrum. He appears to have shuffled just a little towards the light. The Bank of Canada is still one of the least transparent central banks, but maybe a little less so than it was at the end of 2014.
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