MOSCOW, July 20 (Reuters) - All the talk of economic weakness during the G20 talks in Moscow does not make the Bank of Canada more inclined to keep rates low for longer than it had otherwise planned, Governor Stephen Poloz said on Saturday.
Poloz also came to the defence of the U.S. Federal Reserve, stating that Chairman Ben Bernanke’s description of plans eventually to taper its bond buying was carefully communicated, as asked for in Saturday’s communiqué of finance ministers and central bankers of the Group of 20 leading economies.
The G20 meeting emphasized near-term growth and job over fiscal consolidation, because of disappointing weakness especially in Europe.
Yet Poloz said that, if anything, he came away reassured that the Bank of Canada had its forecast about right, and was not inclined to change its policy.
He said the current mix of growth was positive for Canada, especially because of rising strength in the United States, by far its largest trading partner.