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9780773536456

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The subtle but immensely robust political framework within which Canadian monetary policy is nowadays conducted, not to mention the basic structure of the financial system through which it operates, are attracting much favourable attention as the current crisis unfolds, and both are products of the Coyne affair and its aftermath. James Powell tells his story with exemplary clarity and balance. This book should be required reading for policy practitioners and historians alike, and not just in Canada. David E.W. Laidler, University of Western Ontario The Coyne years represent an important, yet not well documented, chapter in the history and evolution of the Bank of Canada. James Powell has produced a balanced, scholarly book, looking at the years James Coyne was Governor of the Bank of Canada through the prism of how we think about central banking today - the importance of clarity of objective, monetary policy as an active demand management tool, and the importance of transparency and accountability. It will have broad appeal to those wishing to understand the role of the Bank of Canada in the affairs of the country and the tensions that can exist between central bank independence and ultimate government responsibility for public policy. Paul Jenkins, Bank of Canada

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James Powell is a retired senior Canadian central banker, and the author of A History of the Canadian Dollar.

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