Newspaper article The Canadian Press

Digitization Poised to Disrupt Central Banking, Too: Bank of Canada's Poloz

Newspaper article The Canadian Press

Digitization Poised to Disrupt Central Banking, Too: Bank of Canada's Poloz

Article excerpt

Digitization to alter central banking: Poloz

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OTTAWA - Bank of Canada governor Stephen Poloz is recommending to his international policy-making peers that they consider the often-elusive economic effects created by the spread of digital disruption.

Poloz says statistical agencies have been underestimating the level of economic growth driven by the advance of digitization -- an effect he believes could have implications for inflation outlooks and even interest-rate decisions.

He made the remarks Saturday during a panel appearance at the annual meeting of central bankers, academics and economists in Jackson Hole, Wyo.

Poloz says there are a couple of existing economic measures that provide a rough idea of the digital economy's effects -- but he believes they only represent the tip of the iceberg. …

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