The Board of Directors of the Bank of Canada today announced the appointment of Tiff Macklem as Deputy Governor of the Bank and a member of the Bank's Governing Council, effective 29 December. Mr. Macklem's appointment fills the vacancy created by the departure of Mark Carney.

Mr. Macklem first joined the Bank in 1984 as an economist and subsequently was appointed to increasingly senior positions, including Assistant Chief of the Research Department, Research Adviser, and Chief of the Research Department. He was appointed Adviser to the Governor in August 2003. Born in Montréal, Quebec, Mr. Macklem earned a Bachelor's degree in economics from Queen's University and a Master's degree and PhD in economics from the University of Western Ontario. Mr. Macklem returns to the Bank from an executive interchange at the Department of Finance. His new responsibilities will include international economic and financial issues, and their relationship to monetary policy.

Bank of Canada Governor David Dodge welcomed the appointment. "Mr. Macklem brings to his role as Deputy Governor an outstanding knowledge of economics and monetary policy and a deep understanding of the Bank, its work, and its staff. These strengths will be crucial to the Bank's continuing effort to promote the economic and financial welfare of Canada," Governor Dodge said.