Federal Finance Minister Jim Flaherty will establish an 11-member economic advisory council to consult with as he draws up his budget, which he is scheduled to table when Parliament resumes in late January, he announced Thursday.
The council, which will consist of 11 members leading Canadian economic experts, will also provide Flaherty with advice on dealing with the ongoing economic crisis.
Council members include:
- former B.C. finance minister Carole Taylor
- billionaire businessmen James D. Irving and James A. Pattison; and
- University of Calgary professor Jack Mintz, who is the former president and CEO of the C.D. Howe Institute
"I called them all personally and I said, 'Your advice is needed for your country,"' Flaherty told a news conference Thursday in Saskatoon.
Flaherty pointed to "the continuing deterioration in the world economy, the U.S. economy, affecting our economy and the deterioration in the commodity prices," as reasons for establishing the council.
"I determined that we would have the council, and then I went about the business of calling them personally and as of today I'm able to say that we're organized and ready to go," Flaherty said.
Council members, who will work for one dollar a year, will meet for the first time on Tuesday in Toronto.
Town hall-style meetings across Canada are scheduled for the New Year.
Flaherty will not be bound by any recommendations he receives from the council.
Reaction
Liberal finance critic Scott Brison welcomed the advisory council, saying it's made up "impressive Canadians" with a deep understanding of the economy. But he said he's concerned the prime minister won't accept the council's advice.
"If we have a prime minister in Stephen Harper who doesn't even listen or take advice from his own cabinet ministers, how can he take advice from these eminent Canadians?" Brison said Thursday on 麻豆影视net's Mike Duffy Live.
The opposition Liberals will have to decide whether to support the minority Tory government's Jan. 27 budget, or defeat them and try to form a coalition government with the NDP - a coalition that would be supported by the Bloc Quebecois.
New Democrat MP Judy Wasylycia-Leis said the council is made up of formidable names, but she questioned its balance, saying there is a lack of "progressive" economists who've spoken out on the economic crisis such as Canadian Auto Workers union economist Jim Stanford or the University of Manitoba's John Loxley.
Meanwhile, Royal Bank of Canada chief economist Craig Wright said nobody has the absolute answer given the "unprecedented uncertainty" of the economy. "So I think at a minimum, people discussing and coming at it from different viewpoints should be viewed as a step forward," Wright told the Canadian Press.
Flaherty said politics did not play a role in selecting the council's roster. "I did not look through party ties when I went through the list," he said.
Flaherty also said he and Bank of Canada Governor Mark Carney will meet with the CEOs of the country's biggest banks in January to ensure they are taking steps to make more credit available to average Canadians.
"I expect (the banks) to make it evident to us that they are taking steps to make that more available in Canada," he said.
