A new Governor is taking the helm at the Bank of Canada.
Finance Minister Bill Morneau announced this morning that the next Governor is Tiff Macklem.
Macklem, a former central bank official, is currently Dean of the University of Toronto’s management school.
He takes over from outgoing Governor Stephen Poloz whose term ends June 2nd.
Macklem says he will live up to the high standards of those who came before him.
“I’m looking forward to building on the fine standard that Governor Poloz, his team and our predecessors have provided,” said Macklem. “So that we can continue to fulfill the mandate set out in the Bank of Canada Act.”
Macklem begins his tenure in a time of unprecedented challenge due to Covid-19.
One of his first tasks will be to decide whether to ramp up emergency measures which have already taken the bank into unknown territory.
In its April 15th monetary policy report, the bank reported that the level of real gross domestic product in the second quarter might be as great as 30 percent lower than it was at the end of last year.
I’m pleased to announce that Tiff Macklem will be appointed Governor of the Bank of Canada, effective June 3, 2020. Mr. Macklem’s wealth of experience will help guide Canada’s monetary policy through these challenging times.https://t.co/bshewXmqTP
— Bill Morneau (@Bill_Morneau) May 1, 2020
To watch today’s Bank of Canada announcement, see below.