Paul Jenkins served as Senior Deputy Governor of the Bank of Canada from April 2003 until his retirement from the Bank in April 2010. In this capacity, he served as the Bank’s Chief Operating Officer and, along with the Governor, as a member of the Board of Directors of the Bank. Mr. Jenkins’ duties included acting for the Governor, overseeing strategic planning and coordinating all of the Bank’s operations. As a member of the Bank's Governing Council, he shared responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank.
Mr. Jenkins joined the Bank of Canada in 1972 as an Economist with the Research Department. In 1978, he moved to the Department of Monetary and Financial Analysis and was named Deputy Chief of the department in 1983. He became Chief of the Research Department in 1984 and was made an Adviser to the Governor in January 1989. He was appointed Deputy Governor of the Bank in 1992.
Born in St. Catharines, Ontario, Mr. Jenkins graduated from the University of Western Ontario in 1971, with an honours bachelor of arts degree in economics. In 1972, he received a master of science degree in economics from the London School of Economics and Political Science. In 1982–83, he continued his studies in economics at Princeton University.
Indeed, the global financial crisis of the past two years has presented unique, stressful challenges that have forced us all to assess what has worked well and what needs to change. Today, I would like to review some of the critical thinking around these issues, primarily from the perspective of our work at the Bank of Canada.