The Hemisphere: The Coyne Affair

The Tory government of Canada last week fired the man responsible for the country's tight-money policy. But he refused to go. In a move unprecedented in Canadian history, suave, scholarly James Coyne, 50, governor of the Bank of Canada and manager of the country's money supply for 6½ years, announced that "the Minister of Finance on behalf of the government requested that I resign at once."

Coyne's position is somewhat analagous to the chairman of the U.S. Federal Reserve Board, in a government job that is meant to be independent enough to act as a check on injudicious political tampering with finances....

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!