The Bank of Canada has announced a significant change to the structure of its governing
council.
Governor Tiff Macklem has announced plans to reorganize the central bank’s governance
structure by bringing in an outsider to its main policy-making council.
The Bank of Canada will replace Deputy Governor Timothy Lane, who retires next month, with
an external candidate who will work part-time on a two-year contract.
“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,” said
Macklem in a press release.
The move represents one of the biggest changes to the central bank’s governing council in
several years.
The Bank of Canada said the work of the outside member of the governing council will be
equivalent to roughly 70% of a full-time role, with candidates fielded “from a broad range of
disciplines and backgrounds.”
The central bank is next scheduled to make a decision on interest rates on September 7.
