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Mr. Kevin Lamoureux (Parliamentary Secretary to the Leader of the Government in the House of Commons, Lib.)

Apr/26/22 11:03:58 a.m.
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Madam Speaker, the Canada Infrastructure Bank provides opportunities for capital investments, and one of the significant aspects of capital investments is to have a green transition. A good example of that is in Brampton, where zero-emission buses will be put in place as a direct result of agreements between the City of Brampton and the Canada Infrastructure Bank. I am wondering if my colleague could provide his thoughts on the potential positive role the Canada Infrastructure Bank could have in investing in green transition.

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Context: House Hansard - 58 - Apr/26/22

Mr. Alexandre Boulerice

Apr/26/22 11:04:41 a.m.
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Madam Speaker, I thank my colleague for his question. The NDP calls the Canada Infrastructure Bank the privatization bank, because it is governed by a market-based logic in which investors get guaranteed profits and returns. As a result, projects are selected mainly based on returns, not public usefulness. That is what the NDP has a problem with. We would like to see the Canada Infrastructure Bank become a real public bank that serves the public interest, not a bank that gives guaranteed returns to private investors. If the bank is operating from a perspective of guaranteed returns, then the choices that are made will not necessarily be good for the energy transition or the well-being of the population in general. They will only be good for shareholders.

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Context: House Hansard - 58 - Apr/26/22

Mr. Garnett Genuis (Sherwood Park—Fort Saskatchewan, CPC)

Apr/26/22 3:41:48 p.m.
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Madam Speaker, respectfully, the hon. member makes a fairly obvious error in his economic analysis. He is talking about the fact that the Bank of Canada controls monetary policy, but he misses the fact that fiscal policy can impact inflation as well. It is fairly well established. The first-year economics professor he spoke about at the beginning of his speech could, I am sure, confirm the fact that monetary levers and fiscal levers can both impact inflation. In fact, the expansionary fiscal policy being pursued by the government is having a significant impact on inflation. Of course, it is also important to acknowledge that the Bank of Canada, as a Crown corporation, acts within the general ambit of established policy on things like the inflation target, which is set by government. The member and other members of the government who try to absolve the government of responsibility for inflation by saying that it is just about the independent Bank of Canada are missing the obvious fact that the fiscal decisions of the government do impact inflation as well. Will the member acknowledge that fact and call his government to account for its fiscal decisions?

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Context: House Hansard - 58 - Apr/26/22

Mr. Francis Scarpaleggia

Apr/26/22 3:48:12 p.m.
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Madam Speaker, as I recall, the framework for the Bank of Canada in terms of its inflation target has not really changed much over the past few years. It is still aiming for a 2% inflation rate, so I do not see that there has been a radical change at that level. It is very important to recognize that the Bank of Canada is independent. I am quite fearful that private member's bills such as the one introduced by the former leader of the Conservative Party somehow try to shift the blame to an independent institution, impugn it and attack its credibility in the eyes of Canadians. I think that would be a great threat to the economic policy in this country.

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