By Staff The Canadian Press

Posted May 1, 2020 9:50 am

Updated May 1, 2020 10:48 am

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Finance Minister Bill Morneau named Tiff Macklem to take the helm of the Bank of Canada, as the central bank copes with the economic impacts of the novel coronavirus pandemic.

Macklem, the dean of the business school at the University of Toronto, will take over the reins of the central bank as governor in early June when Stephen Poloz’s seven-year term ends.

Morneau said Macklem brings a deep knowledge of and expertise in financial markets and will serve the central bank well as it navigates an economic crisis like no other.

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The bank controls the country’s money supply, trying to support economic growth and stability while keeping inflation low. Its governor’s statements about the economy and the financial system set trends and move markets.

Current governor Stephen Poloz’s seven-year term is expiring in June.

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The other leading candidate for the post was thought to be Carolyn Wilkins, the bank’s current No. 2.

READ MORE: Bank of Canada stimulus actions should reach average Canadian, Stephen Poloz says

Macklem was the senior deputy governor at the Bank of Canada under former governor Mark Carney and considered a top candidate to become governor in 2013, but was passed over when Poloz was appointed.

Speaking at a morning press conference, Macklem says he found out about the appointment yesterday and is hoping for a seamless transition over the coming weeks.

Poloz calls leaving the bank “bittersweet,” but says the central bank will be “in solid hands” when Macklem officially takes over.

— More to come

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© 2020 The Canadian Press



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