MNI BRIEF:BOC To Add 2nd External Deputy, Extends Vincent Term
MNI (OTTAWA) - The Bank of Canada is hiring a second external deputy governor and extended the term of the current outside member, saying getting wider perspectives has helped improve monetary policy.
The central bank's board of directors initiated the search for the new deputy according to a statement Thursday, which would bring the Governing Council that sets interest rates to seven members. Nicolas Vincent's term as a part-time member of the council is being extended to three years, now ending in March 2026.
Monetary policy is set by consensus rather than by individual voting at Governing Council meetings, so it's difficult to judge how any new member might change decision-making. The Bank's recent move to publish minutes has shown at times the members take different views on the economic outlook. (See: MNI INTERVIEW: BOC Open To 50BP Oct Cut: Ex Adviser Williamson) The Bank is also reviewing its pandemic-era policies at a time when a leading opposition leader says he will fire Governor Tiff Macklem if he wins an election due by next fall.