Briefing

Markets unmoved after Chrystia Freeland replaces Bill Morneau as finance minister

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The Toronto Stock Exchange composite had dropped 0.32 per cent by Tuesday afternoon, while the Canadian dollar was up 0.33 cents against the dollar. Freeland, who remains deputy prime minister, added the new role during a 2 p.m. ET swearing-in ceremony on Tuesday, after the incumbent announced his resignation at a Monday night press conference. (The Logic)

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Talking point: Morneau’s departure was reportedly occasioned by disagreements with Prime Minister Justin Trudeau over the size and focus of COVID-19 relief measures and the July revelation that he had only recently repaid costs from overseas trips organized by WE Charity. It comes after a week of headlines about the program disputes, leaks that suggested a shuffle might be coming. Morneau will carry one major innovation policy issue to his next job if his bid to become OECD secretary general is successful. The group is working to unveil a proposed new global tax regime for multinational corporations by October; the Liberals’ promised digital levy, which it has yet to implement, was designed as a stopgap measure until that new system is in place. At Monday’s press conference, Morneau said he wanted to address issues like “international taxation” and “the digital transformation in our world” at the OECD.