The Bank of Canada is looking to add some new blood to its monetary policy lineup.
Following the announcement that Deputy Governor Timothy Lane is set to retire on September 16, the central bank’s Board of Directors has embarked on a recruitment process to fill his seat on Governing Council -- the team that determines the direction of interest rates and other financial stability mandates.
“In a context of increasingly complex and interconnected Canadian and global economies and financial systems, it’s vital that we as an organization constantly adapt and evolve,” said Governor Tiff Macklem.
“This change provides an opportunity both to bring fresh and diverse perspectives into the Bank’s consensus-based policy decision-making framework and to ensure the Bank’s executive team has a balanced, streamlined and effective distribution of management responsibility.”
The new candidate will be selected by committee, along with the assistance of third-party global executive recruiting firm Boyden. The position will a part-time, two-year contract role.
Outgoing Deputy Governor of the Bank of Canada, Timothy Lane
The successful candidate will be an economist (naturally) with a “deep understanding of the monetary policy transmission mechanism, extensive experience using macroeconomic theory, models and analysis of economic and macrofinancial information to assess and form a judgment about economic developments.” They’ll also need to be bilingual. No sweat!
Outgoing council member Lane joined the Bank of Canada in August 2008 as Advisor to the Governor, and was appointed to his role as Deputy Governor in February 2009. He has been a key component of the Bank’s monetary policy strategy, along with overseeing its funds management and currency functions, including research and development in the fintech, crypto, and digital currency space.
Over the course of his tenure, Lane had a hand in the BoC’s analysis of international economic developments in support of monetary policy decisions, including serving as the G7 and G20 Deputy between 2014 to 2018. He also oversaw the Bank’s work on financial markets between 2010 - 2013, and its analysis of economic developments.
Prior to his work with Canada’s central bank, the Ottawa-born Lane served for 20 years on the staff of the International Monetary Fund, was a Visiting Fellow at Oxford University, as Assistant Professor of Economics at Michigan State University (1984-88) and at the University of Iowa (1983-84).
