Tiff Macklem served as Senior Deputy Governor from July 2010 until May 2014. In this capacity, he was the Bank's Chief Operating Officer and a member of the Board of Directors of the Bank. Mr. Macklem’s duties included acting for the Governor, overseeing strategic planning and coordinating the Bank’s operations, sharing responsibility for the conduct of monetary policy as a member of the Bank’s Governing Council, and participating in fulfilling the Bank's responsibilities for promoting financial stability. He was the first Chair of the Financial Stability Board’s Standing Committee for Standards Implementation from 2009 to 2013, and represented the Bank of Canada at the FSB. Prior to his appointment, Mr. Macklem served as Associate Deputy Minister of the federal Department of Finance and Canada’s G7 Deputy.
Born in Montréal, Quebec, Mr. Macklem graduated from Queen's University in 1983 with a bachelor's degree in economics, and completed a master’s degree and a PhD in economics from the University of Western Ontario. In 1984, he joined the Bank of Canada in the Department of Monetary and Financial Analysis for one year. He returned to the Bank in 1989 following the completion of his PhD. Mr. 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. He rejoined Finance as Associate Deputy Minister in 2007.