The Bank of Canada today announced the appointment of Andrew Spence to the visiting economist position of Special Adviser for a one-year term. Mr. Spence will be taking leave from his current position as Global Head, Currency and Credit Markets Research with TD Securities, as of September 2002.

This position was created to bring to the Bank of Canada additional views on monetary policy issues and to increase the number of university and private sector economists with first-hand knowledge of the institution. Mr. Spence will provide the Bank with insights in respect of financial markets and financial system stability. The previous Special Advisers were Professor David Laidler of the University of Western Ontario, Professor Daniel Racette of the École des Hautes Études Commerciales, Professor Angela Redish of the University of British Columbia, and Professor John Chant of Simon Fraser University, who currently holds the position.

Mr. Spence graduated with a BA from the University of Alberta and a Masters from the University of Bath. He began his career as an economist at U.K. Treasury in London, England, and has worked as an economist at a number of financial institutions. Mr. Spence is a highly respected economist in the financial community. His background in the financial markets will be a particular asset in his role as visiting economist.