Jean Campeau, the former finance minister of Quebec, has passed away at the age of 93, leaving behind a legacy of strategic economic vision and public service. His death was confirmed by his granddaughter, Fanny Beaudry-Campeau, and has drawn tributes from various political figures who recognized his significant impact on Quebec's economy and governance.
Premier of Quebec, François Legault, paid homage to Campeau, stating, "He stood out for his strategic economic vision for Quebec. Jean was deeply passionate about Quebec. I had the opportunity to consult him on numerous occasions. My thoughts are with his family and loved ones." This statement highlights the respect and regard Campeau earned throughout his career.
Born and educated at the Hautes Études commerciales, Campeau initially carved out his career as a securities broker, gaining reputation and experience before entering public service. His diverse career path took him from being the president of Canada Flooring to directing public debt management at Quebec's Ministry of Finance from 1971 to 1977.
Jacques Parizeau, then the finance minister, recognized Campeau's abilities and appointed him as deputy minister of financing, where he played a pivotal role in managing the financial needs of various educational and health institutions. Alongside this, he famously asserted during the television program Mémoire de députés, "It helped me greatly later." His forward-thinking approach was evident during this early stage of his career.
By 1980, Campeau was appointed president and CEO of the Caisse de Dépôt et placement du Québec, where he initiated broad investment policies aimed at strengthening Quebec's economy. Under his leadership, the Caisse made significant acquisitions, including Gaz Métropolitain, with the objective of returning the natural gas distribution to Quebec.
This aggressive investment strategy shifted the focus of the Caisse from merely lending to actively participating in the equity market. This reevaluation of financial practices markedMajor transformations of economic structure, with efforts geared at establishing Quebec as a viable financial entity comparable to Toronto.
Campeau's influence extended beyond finance; he also co-chaired the Bélanger-Campeau Commission, tasked with examining the political and constitutional future of Quebec after the failure of the Meech Lake Accord. The commission’s findings were integral to recommending the urgency of establishing legal processes for Quebec's future and proposed organizing a referendum on sovereignty. Although Premier Robert Bourassa did not follow through on these recommendations, the commission laid important groundwork for future discussions.
His entry to mainstream politics came later when he decided to represent the Parti Québécois as the candidate for the Crémazie riding during the elections of 1994. He won by just 429 votes and was quickly appointed minister of finance by Parizeau. His tenure included efforts to stabilize and promote the Quebec economy amid challenging circumstances.
Reflecting on his roles, both Girard and other political leaders praised Campeau for his exceptional contributions. Girard remarked, "His exceptional contribution to the economic and financial life of Quebec ensured Montreal's status as a financial center relative to Toronto." Paul St-Pierre Plamondon, leader of the Parti Québécois, underscored Campeau's works demonstrating the financial viability of Quebec independence, encapsulating his beliefs about Quebec's potential on the world stage.
Similarly, Yves-François Blanchet, leader of the Bloc Québécois, stated, "Jean Campeau was a great thinker of Quebec’s economy, believing strongly in its potential to succeed as its own country." This sentiment acknowledges Campeau's role as both a thinker and doer, whose career intertwined the ideals of economic progression with the aspirations of Quebec autonomy.
While Campeau experienced both triumphs and challenges, including the fallout from the 1995 sovereignty referendum, his commitment to Quebec’s future remained steadfast. After the referendum, he transitioned to the role of minister of transportation, completing his term before retiring from politics, honoring his promise to his family to limit his time as a public servant.
Despite moving away from the political spotlight, he often expressed nostalgia for his time at the Caisse de Dépôt and the early years of his career. His departure from the political arena did not diminish the respect he received from colleagues and citizens alike, marking him as both a giant of finance and politics.
The contributions of Jean Campeau to Quebec’s financial and political frameworks established foundations still relevant today, demonstrating how one visionary leader can influence not just policy, but the very identity of Quebec itself.
His passing signals the loss of a remarkable figure, but his legacy will undoubtedly persist within the fabric of Quebec's economic and political history.