Alumnus Tiff Macklem named Governor of the Bank of Canada

Bank of Canada // Special to Western News

Western alumni occupy four of the six Governing Council positions at the Bank of Canada, including Tiff Macklem, above, MA’84, PhD’89 (Economics), Governor; Carolyn Wilkins, MA’88 (Economics), Senior Deputy Governor; Timothy Lane, PhD’83 (Economics), Deputy Governor; and Toni Gravelle, BA’88, PhD’96 (Economics).

Western alumnus Tiff Macklem, MA’84, PhD’89 (Economics), has been named Governor of the Bank of Canada for a seven-year term, effective June 3, Finance Minister Bill Morneau announced May 1.

Macklem follows Stephen Poloz, MA’79, PhD’82 (Economics), to the bank’s top post.

“Tiff’s experience and expertise as one of the top economic minds in the country will serve Canada well as we navigate our way through this crisis,” Western president Alan Shepard said. “We are proud to have him as a standard-bearer for the tradition of leadership Western has cultivated at the Bank of Canada and across the country.”

With Macklem’s appointment, Western alumni continue to occupy four of the six Governing Council positions, including Carolyn Wilkins, MA’88 (Economics), Senior Deputy Governor; Timothy Lane, PhD’83 (Economics), Deputy Governor; and Toni Gravelle, BA’88, PhD’96 (Economics), Deputy Governor.

A native of Montréal, Quebec, Macklem has been Dean of the Rotman School of Management at the University of Toronto since July 2014. Prior to that, he served as the Senior Deputy Governor at the Bank of Canada between July 2010 and May 2014.

Prior to joining the Bank of Canada, Macklem was Associate Deputy Minister at the Department of Finance, serving as Canada’s representative at the G7, G20 and Financial Stability Board.

In 1984, he joined the bank in the Department of Monetary and Financial Analysis for one year. He returned in 1989 following the completion of his PhD. Macklem occupied increasingly senior positions in the Research Department (now Canadian Economic Analysis) until his appointment as Chief in January 2000. He was appointed Adviser to the Governor in August 2003. In 2003-4, he was seconded to the Department of Finance, returning to the Bank as a Deputy Governor in December 2004.

“Tiff has deep knowledge of monetary policy and financial stability issues, a proven crisis management track record, and extensive senior leadership experience,” Claire Kennedy, Chair of the Special Committee of the Board of Directors, said in making the announcement May 1. “We are confident Tiff will make an outstanding contribution to promoting the economic and financial welfare of Canada, and to upholding the Bank’s exemplary reputation as a leading central bank.”

The Bank of Canada also recognized the work of outgoing governor Poloz, who has served in the role since 2013.

“We thank Stephen for his dedicated service and his leadership in promoting the economic and financial wellbeing of Canada throughout his tenure,” Kennedy said. “He made important contributions to the global policy dialogue, which are being brought to bear in the current challenging circumstances. On behalf of Canadians, the Board expressed its appreciation for his distinguished career at the Bank of Canada, the legacy of which will continue to serve our country well.”