- PolicyPolicy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - Data
- MarketsMarkets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts - Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- CommoditiesCommodities
Real-time insight of oil & gas markets
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI POLICY: Trudeau Pushed Back on Controversial Youth Contract
Trudeau testifies at July 30 parliamentary hearing
Canadian Prime Minister Justin Trudeau sought to quell the biggest political threat to his minority government since the Covid-19 pandemic broke out, making a rare appearance at a parliamentary committee to explain why he and his finance minister didn't recuse themselves from approvals of a CAD900 million contract to a youth charity their families have done business with.
The opposition Bloc Quebecois and Conservatives had earlier called for Finance Minister Bill Morneau to step aside, and they along with the left-leaning NDP peppered Trudeau with hostile questions for more than an hour. The prime minister expanded on past statements that government officials said only WE Charity could deliver the volunteering program, saying he "pushed back" when he learned the idea was going to be sent to cabinet around May 8.
"We knew that the selection of WE Charity would be closely scrutinized," Trudeau said Thursday, referring to him and his chief of staff. "Given the public service advice, I was comfortable" with it starting to move forward, he said.
The contract with WE Charity to help find students paid summer volunteer opportunities was canceled after media reports revealed members of Trudeau's family were paid to appear at WE Charity events. Morneau's daughter also worked at the charity and he had some travel expenses paid for by the group. Both Trudeau and Morneau had earlier made public apologies, and are under investigation by a parliamentary ethics officer.
"WE Charity received no preferential treatment, not from me, not from anyone else," Trudeau said. "I should have recused myself from this decision to avoid any appearance of favoritism," he said, and "I deeply regret how this has unfolded."
Trudeau and Morneau are in the middle of delivering a record CAD343 billion deficit to tackle record unemployment and thousands of deaths from Covid-19. While Trudeau's Liberal Party government needs some opposition party support to pass fiscal bills and stay in power, before the WE Charity contract most proposals moved fairly fast through Parliament.
To read the full story
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Why Subscribe to
MarketNews.com
MNI is the leading provider
of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.Our credibility
for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.