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Morneau names Tiff Macklem new Bank of Canada governor

Last Updated May 1, 2020 at 6:57 pm EDT

Summary

Macklem is the dean of the business school at the University of Toronto

He will take over the reins of the central bank as governor in early June when Stephen Poloz's term ends

Tiff Macklem, a former second-in-command at the Bank of Canada, is coming back to the central bank to take over the top job.

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.

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

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.

Macklem was the senior deputy governor at the Bank of Canada 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.

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