Niagara homecoming for retired Bank of Canada leader

Dean of Business Philip Kitchen, left, chats with Paul Jenkins at the Brock-organized event.

Dean of Business Philip Kitchen, left, chats with Paul Jenkins at the Brock-organized event.

Look in your wallet or purse and you’ll see Paul Jenkins’ signature on any Canadian bank notes printed since 2003.

But on Nov. 4, you could see Jenkins himself — recently retired as Senior Deputy Governor of the Bank of Canada — in his native St. Catharines, chatting about topics ranging from potash sales to Canada’s recovery from the Great Recession and fiscal implications of the recent U.S. elections.

The occasion was a casual social event at the Quality Inn Parkway Convention Centre, organized by Brock Faculty of Business alumni and attended by about 60 people, including members of the local business community.

Jenkins — who attended Sir Winston Churchill Secondary School in the 1960s before going on to become one of Canada’s most informed economists — delivered some brief remarks, answered questions and shared his thoughts on the country’s economic past and the road it must take in the future.

A key reason Canada fared better than Britain or the U.S. in the recent recession is that Canada’s regulated banks are held to higher standards of stability and quality than in many other countries, he said. As the global economy continues a modest recovery, the new economic order will see more robust growth in emerging economies.

But opportunities await Canada, particularly regions like Niagara, he said. They must diversify economies to identify and generate services and products that add value to what’s already being produced less expensively elsewhere.

Doing that, Jenkins said, requires attracting and retaining the best and brightest people, and developing technologies that can transform traditional economies.

“Think globally while acting locally,” he said. “We must develop partnerships and invest in enhancing our productivity through technology.”


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