Philippe Muller was appointed Senior Director of the Bank’s Financial Markets Department (FMD) in August 2018. Mr. Muller is responsible for the Department’s front office operations and IT applications.
Mr. Muller joined the Bank in 1997 and has held various positions within the monetary policy, financial stability and funds-management functions, progressing from analyst roles to his current position as Senior Director of FMD. Mr. Muller was recently Senior Director of the Bank’s Financial Risk Office, comprising three functional groups: Credit Rating Assessment, Middle Office and Reporting, and Risk Modelling. He has developed expertise in the areas of monetary policy implementation, financial system soundness and efficiency, debt and treasury management, foreign exchange reserves management, and risk (treasury and credit) management. He holds a master of science degree in finance from HEC Montréal.
The investment of foreign exchange reserves or other asset portfolios requires an assessment of the credit quality of investment counterparties. Traditionally, foreign exchange reserve and asset managers have relied on credit rating agencies (CRAs) as the main source for credit assessments.
The investment of foreign exchange reserves or other asset portfolios requires an assessment of the credit quality of counterparties. Traditionally, foreign exchange reserve managers and other investors have relied on credit rating agencies (CRAs) as the main source for credit assessments.
Measures have been taken by the Bank of Canada to increase the transparency of Canadian monetary policy. This paper examines whether the greater transparency has improved financial markets' understanding of the conduct of monetary policy.