Believing that Canada’s monetary policy is not for the benefit of Quebecers, Paul St-Pierre Plamondon wants an independent Quebec to have its own currency.
“Finally, the theoretical answer, the absolute answer, is that Quebec will benefit from having its own fiscal policy based on our economic needs and not on Alberta and Ontario,” said the PQ leader. , Wednesday, in a press conference in parliament.
Mr. St-Pierre Plamondon judged that the Canadian monetary policy “weakens” Quebec, because “our policies are not based on the economic reality of Quebec, but on the reality of each of the competing Canadian provinces.”
In this regard, he cited as an example the fact that the Bank of Canada must do “arbitrage” and take into account what is happening everywhere in the federation to determine the interest rate. “The bigger the political entity, the more complicated the arbitrations and the more conflicts of interest,” he explained, referring to the work “The Question of Separatism: Quebec and the struggle for Sovereignty” by Jane Jacobs.
“We see it in the European Union, some countries cannot develop their own strategy that matches their competitive advantages,” he described.
The PQ leader agreed that Quebec receives equalization revenues from Alberta oil. “But there is an inflation of the Canadian currency that has a terrible effect on our exports,” he immediately qualified.
On the trade question, Mr. St-Pierre Plamondon says that he promotes the “Sovereignty-Association” model.
“Once the right to decide for yourself democratically is established and our diplomacy is engaged, my posture is maximum collaboration and facilitation with the rest of Canada,” he explained, stressing that the separatists of Quebec “finds Canada very friendly”.
Legault was skeptical
“Next Monday we will have an update on the finances of a sovereign Quebec. I can’t wait to see what he does with the $13 billion equalization hole,” replied Prime Minister François Legault before entering the Salon Bleu.
The Minister of Finance, Éric Girard, shares his leader’s skepticism. “The federal government spends more in Quebec than it receives in revenue,” he said in the corridors of parliament moments earlier.
According to him, Quebec has benefited from the Canadian federation, at least from an economic point of view.
“It changes over time, but essentially the net balance is equal to approximately (…) the equalization amount we received,” he said. And so from the point of view of public finances, certainly, the federation is for the good of Quebec.