Bank of Canada governor Mark Carney says James Elliott Coyne, one of the organization's most controversial governors, established three lasting legacies during his tenure as the Bank's head.

Coyne died Friday night in Winnipeg. He was 102.

In a statement, Carney hailed Coyne's legacies "that directly influence the Bank's monetary policy framework today.

"Mr. Coyne firmly believed, when many others did not, that low and stable inflation should be the paramount objective of monetary policy - a principle that has since become the cornerstone of monetary policy frameworks around the world.

"In addition, he was a strong proponent of a flexible exchange rate regime," Carney said. "As a result, Canada has had one of the longest experiences with a floating currency in the entire world.

""Finally, his central role in the controversy between the Bank and the Government of Canada during the Coyne Affair of 1961 ultimately led to a critical clarification of both the Bank's and the government's responsibilities with respect to the conduct of monetary policy in Canada."

Coyne stepped down in 1961.

He is survived by his wife Meribeth and five children, including columnist Andrew Coyne.