Finance minister names new Bank of Canada governor
OTTAWA (NEWS 1130) – Finance Minister Bill Morneau has named a new Bank of Canada governor.
Tiff Macklem, who is the dean of the Rottman School of Management at the University of Toronto, will take over the job when current Governor Stephen Poloz’s seven-year term ends in June.
Macklem brings a deep edge of and expertise in financial markets and will serve the central bank well as it navigates the an economic crisis like no other, Morneau says.
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He was also the Bank of Canada’s chief operating officer, as well as a member of the central bank’s board of directors, the Rottman School of Management’s website notes. “Macklem has also played a leading role in efforts to ensure stable financial systems worldwide,” his biography reads.
He was second-in-command at the central bank from 2010 to 2014, and was a former senior Finance Department official who was involved in Canada’s response to the financial crisis in 2008-2009.
The next head of the Bank of Canada will be Tiff Macklem, a former longtime official with the central bank and former aide to the finance minister during the financial crisis. He takes over from Stephen Poloz next month. @NEWS1130
— Richard Dettman (@rwdettman) May 1, 2020
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The bank controls the country’s money supply, trying to support economic growth and stability while keeping inflation on target.
As well, the governor’s statements about the economy and the financial system set trends and move markets.
The other leading candidate for the post was thought to be Carolyn Wilkins, the bank’s current No. 2.
