Timothy Lane was appointed Deputy Governor of the Bank of Canada, effective February 2009. As a member of the Bank’s Governing Council, he shares responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank. He oversees the Bank’s funds management and currency functions –notably including the Bank’s ongoing research and analysis of developments in financial technology, crypto-assets and digital currencies.
Mr. Lane’s responsibilities as Deputy Governor have covered a series of different areas. From 2014 through July 2018, he was responsible for the Bank’s analysis of international economic developments in support of monetary policy decisions – serving as the Bank’s G7 and G20 Deputy. Previously, he was responsible for overseeing the Bank’s work on financial markets (2010-13) and its analysis of Canadian economic developments (2009-10). He joined the Bank in August 2008 as an Adviser to the Governor.
Prior to joining the Bank, he served for 20 years on the staff of the International Monetary Fund (IMF) in Washington, DC. During that period, he worked on a wide range of issues and contributed to the IMF’s work on a number of countries. He has published research on various topics including monetary policy, financial crises, IMF reform, and economic transition. During 2004-05, Mr. Lane was a Visiting Fellow at the University of Oxford. He has also served as Assistant Professor of Economics at Michigan State University (1984-88) and at the University of Iowa (1983-84).
Born in Ottawa, Mr. Lane received a BA (Honours) from Carleton University in 1977 and a PhD in economics from the University of Western Ontario in 1983.
In our Financial System Review, we identify the main vulnerabilities and risks to financial stability in Canada and explain how they have evolved over the past year. This issue reflects the Bank’s judgment that the vulnerabilities associated with high household debt and imbalances in the housing market have declined modestly but remain significant. The Financial System Review is a product of the Governing Council of the Bank of Canada: Stephen S. Poloz, Carolyn A. Wilkins, Timothy Lane, Lawrence Schembri, Lynn Patterson and Paul Beaudry.