The central bank's policy making council will benefit from a diversity of voices and perspectives, governor says
Bank of Canada governor Tiff Macklem has announced plans to reorganize the central bank’s main policymaking council with the short-term addition of outsiders in the near future.
The changes will begin after deputy governor Tim Lane retires in September. Under the reorganization, Lane will be succeeded by an external candidate who will be hired on a two-year, part-time working contract.
The BoC said that the “part-time work” this entails would be approximately 50% to 70% of a full-time role’s commitment.
“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,” Macklem said.
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Additional candidates will be sourced “from a broad range of disciplines and backgrounds,” the bank added.
“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,” Macklem said.
