The Bank of Canada’s governor, Tiff Macklem, announced plans to reorganize its governing structure by adding outsiders to its central policymaking council.
On Monday, the central bank said it would replace the retiring deputy governor Tim Lane with a candidate outside the organization. The external candidate will be hired on a two-year, part-time 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.”
“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,”Tiff Macklem