Mr. Speaker, on September 14, 1998 Mr. Louis Rasminsky died. He was 91.
He will be remembered as a former governor of the Bank of Canada who also became one of Canada's international economic statesmen. He will also be remembered as one who helped articulate government policy on several social issues.
Upon becoming governor in 1961 he undertook the delicate task of drafting legislation that would clearly define the relationship between the federal government and the governor of the Bank of Canada. Eventually legislation established the principle that in the event of a policy difference between the Minister of Finance and the governor, the government has to instruct the bank and to do so publicly. This requirement for transparency and accountability in monetary policy has served Canadians well over the years.
Mr. Rasminsky will always be remembered as a proud Canadian who served his country to the best of his abilities. We offer our condolences to his family and his friends.