Bank of Canada Governor Tiff Macklem in a suit speaks into a microphone while seated on stage as students listen and a person stands at a floor microphone
Ottawa, ON – On Monday, March 30th, Tiff Macklem, Governor of the Bank of Canada, met with members of the Telfer Microprogram Capital Markets, along with selected undergraduate and graduate students, at the Desmarais Building at the University of Ottawa. The Governor discussed how the Bank helps to build economic resilience amid international trade uncertainty, integrates emerging global trends into monetary policy planning, and balances competing priorities in decisions that aim to support Canadians.
Governor Macklem spoke about how he and the Bank of Canada are adapting to shifts in both the domestic and global economic landscape. He explored key themes across monetary policy, financial stability, CUSMA negotiations, public trust, and structural changes in the Canadian economy. Underpinning these topics was the recurring idea that “there is certainty in uncertainty”, an idea that he and his team has continued to emphasize during times of difficulties and stability. He emphasized that while short-term trends in macroeconomics, geopolitics, and artificial intelligence may create unpredictability, policy decisions must also account for deeper, more lasting economic changes.
Accountability was another central theme in the discussion. Governor Macklem stressed that leaders across sectors must remain accountable to the Canadians they serve, particularly as the nature of work evolves with AI, demographic shifts reshape communities, and trade relations with the U.S. continue to change. For the Governor, accountability means ensuring that the Bank of Canada remains transparent, informed, and equipped to share knowledge that supports public understanding and decision-making.
In linking accountability to uncertainty, Governor Macklem shares that the end goal of it all is to build resilience and strengthen Canda’s economic foundation. Building resilience would involve lowering interprovincial trade barriers, empowering Canadian small and medium enterprises (SMEs), fueling adaptation and innovation in advanced technologies and AI, and deepening Canada’s capacity to collaborate and trade with other global economies.
Students found the discussion insightful, gaining a clearer view of how institutions like the Bank of Canada approach uncertainty through adaptive strategies and openness in communication. Governor Macklem’s willingness to engage directly with students and answer challenging questions reflected a broader effort to build dialogue between policymakers and the next generation of business leaders. His visit served as a reminder of the importance of informed, steady leadership during times of change, and of the collective role Canadians play in shaping a resilient economy for the future
Prepared by: Inigo Benigno Aquino, Editor-in-Chief of the Telfer Capital Fund Journal
