Stephen Poloz
{{Short description|9th governor of the Bank of Canada from 2013 to 2020}}
{{Use Canadian English|date=March 2021}}
{{Use mdy dates|date=March 2021}}
{{Infobox officeholder
| name = Stephen Poloz
| honorific_suffix = {{post-nominals|country=CAN|OC|size=100%}}
| image = Stephen Poloz, Governor of the Bank of Canada (42851833384) (cropped).jpg
| caption = Poloz in July 2018
| order = 9th
| office = Governor of the Bank of Canada
| term_start = June 3, 2013
| term_end = June 3, 2020
| predecessor = Mark Carney
| successor = Tiff Macklem
| office1 = President and CEO of Export Development Canada
| term_start1 = 2010
| term_end1 = 2013
| predecessor1 = Mark Carney
| successor1 =
| birth_name = Stephen Shawn Poloz
| birth_date = {{birth year and age|1955}}
| birth_place = Oshawa, Ontario, Canada
| death_date =
| death_place =
| spouse = Valerie Poloz
| children = 2
| alma_mater = {{unbulleted list|Queen's University|University of Western Ontario}}
| signature = Stephen S. Poloz , Signature , 2015.png
}}
Stephen Shawn Poloz {{post-nominals|country=CAN|OC}} (born 1955) is a Canadian banker who served as the ninth governor of the Bank of Canada from 2013 to 2020.[http://www.bankofcanada.ca/2013/05/press-releases/stephen-poloz-appointed-governor-of-bank-of-canada/ Stephen Poloz appointed Governor of Bank of Canada], Bank of Canada press releases, May 2, 2013. He is also a member of the board of directors for the Bank for International Settlements.{{cite journal|url=http://www.bis.org/about/board.htm?m=1%7C2%7C2|title=Board of Directors|date=December 1, 2015|website=Bis.org|accessdate=2017-06-23}}
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.[https://www.theglobeandmail.com/report-on-business/economy/dark-clouds-to-greet-stephen-polozs-first-day-at-his-dream-job/article11716482/ Dark clouds to greet Stephen Poloz's first day at his dream job (personal details about Stephen Poloz)], Globe and Mail, May 4, 2013.{{Cite web|url=https://www.unfcanada.ca/2016/12/12/evening-with-bank-of-canada-governor-stephen-poloz/|title=Evening with Bank of Canada Governor Stephen Poloz|date=December 12, 2016}} 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.[https://sencanada.ca/content/sen/committee/372/fore/witn/poloz-e.htm Poloz biography], Parliament of Canada website; accessed June 9, 2017. His doctoral thesis was on currency movements.[https://www.economist.com/news/finance-and-economics/21577432-big-shoes-fill-tough-times-ahead-challenges-facing-stephen-poloz-after Canada's new central-bank governor: After Carney], Economist.com, May 11, 2013.
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.{{citation needed|date=November 2022}}
In 2017, Trent University Durham GTA awarded Poloz an honorary PhD degree.[https://www.bloomberg.com/research/stocks/private/person.asp?personId=2869748&privcapId=874097 Stephen Poloz profile], bloomberg.com. Accessed November 5, 2022.
Career
From 1981 to 1994 Poloz worked for 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.{{cite press release|url=https://www.canada.ca/en/news/archive/2010/12/appointment-new-president-chief-executive-officer-export-development-canada.html| title=Appointment of New President and Chief Executive Officer of Export Development Canada| first=Monika| last=Bujalska| date=December 1, 2010| website=canada.ca| publisher=Government of Canada}} He has been a visiting scholar with the "Economic Planning Agency" in Tokyo and at the International Monetary Fund in Washington, DC.
Poloz attended the 62nd Bilderberg Annual Conference in Copenhagen, Denmark, in 2014, where one of the subjects discussed was the situation in Ukraine.[http://www.bilderbergmeetings.org/participants2014.html Poloz profile], bilderbergmeetings.org; accessed June 9, 2017.
Poloz holds an honorary Certified International Trade Professional (CITP) designation from the Forum for International Trade Training.{{Cite web|url=https://smith.queensu.ca/emails/poloz.php|title=QBC Ottawa featuring Stephen Poloz|website=smith.queensu.ca|access-date=April 5, 2016}} He is a past president of the Ottawa Economics Association.{{cite web|url=http://www.bankofcanada.ca/profile/stephen-s-poloz/|title=Stephen S. Poloz|website=www.bankofcanada.ca|accessdate=23 June 2017}}
=Governor of the Bank of Canada=
In 2013, Poloz was appointed as the Governor of the Bank of Canada on a seven-year term.
In January 2015, Poloz cut the Bank of Canada's key interest rate from 1 percent to 0.75 percent in response to a stark decline in oil prices. In July of that year, he cut the Bank's interest rate again to 0.5 percent.{{cite web |last1=Whittington |first1=Les |title=Bank of Canada cuts key interest rate, dollar plunges to lowest since 2009 |url=https://www.thestar.com/business/2015/07/15/bank-of-canada-cuts-interest-rate.html |website=Toronto Star |access-date=26 December 2022 |date=15 July 2015}} In July 2017, Poloz raised the Bank's key interest rate to 0.75 percent, the first interest rate increase in Canada in seven years.{{cite news| url=http://www.cbc.ca/news/business/bank-canada-interest-rate-monetary-policy-1.4200814| title=Bank of Canada raises interest rate for 1st time in 7 years to 0.75%| publisher=CBC News}} This marked the start of a series of five rate hikes in total; by October 2018, the Bank's key interest rate was at 1.75 percent.{{cite web |last1=Evans |first1=Peter |title=Bank of Canada raises interest rate to 1.75% |url=https://www.cbc.ca/news/business/bank-canada-interest-rate-1.4875958 |website=CBC News |access-date=26 December 2022 |date=24 October 2018}} Throughout March 2020, Poloz reduced the Bank's interest rate from 1.75 percent to 0.25 percent in response to the economic downturn from the COVID-19 pandemic and a stark decline in oil prices.{{cite web |last1= |first1= |title=Bank of Canada slashes key interest rate to 0.25% |url=https://globalnews.ca/news/6740389/bank-of-canada-interest-rate-cut/ |website=Global News |access-date=26 December 2022 |date=27 March 2020}}
In December 2019, the Bank of Canada announced Poloz would not seek a second term.{{Cite news|url=https://www.canadianbusiness.com/business-news/bank-of-canada-says-poloz-will-not-seek-a-second-term-as-governor/|title=Bank of Canada says Poloz will not seek a second term as governor|last=Wong|first=Craig|date=December 6, 2019|work=Canadian Business|access-date=December 8, 2019}} His term as Governor expired in June 2020.
=Post-governorship=
After his term as governor, 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.[https://www.osler.com/en/about-us/press-room/2020/stephen-poloz-joins-osler-as-special-advisor "Stephen Poloz joins Osler as Special Advisor", Osler news release, June 17, 2020.] On July 1, 2022, Poloz joined the board of governors of Western University.{{Cite web |title=Board of Governors |url=http://uwo.ca/univsec//board/board_members/board-governors.html |access-date=2022-11-17 |website=uwo.ca |language=en}} He was appointed to the Order of Canada in 2024.{{Cite web|title=Order of Canada Appointees – June 2024|url=https://www.gg.ca/en/order-canada-appointees-june-2024|access-date=2024-06-27|website=Governor General of Canada|date=June 21, 2024 }}
Personal life
Poloz is married to Valerie Poloz and they have two children.{{cite web| url=http://www.macleans.ca/economy/business/10-things-you-should-know-about-the-new-bank-of-canada-governor/| title=10 things you should know about the new Bank of Canada governor| first=Tamsin| last=McMahon| date=May 2, 2013| publisher=Maclean's}} He currently lives in Orleans, Ontario.
References
{{Reflist}}
External links
- [http://www.bankofcanada.ca/profile/stephen-s-poloz/ Stephen Poloz profile], BankofCanada.ca; accessed June 9, 2017.
{{Governors of the Bank of Canada}}
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{{DEFAULTSORT:Poloz, Stephen}}
Category:University of Western Ontario alumni
Category:Queen's University at Kingston alumni
Category:21st-century Canadian economists
Category:Governors of the Bank of Canada
Category:Businesspeople from Ottawa