Bank of Canada Deputy Governor Paul Beaudry is leaving office

The central bank will conduct an internal recruitment process to find a replacement for the Governing Council

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The deputy governor of the Bank of Canada said Paul Beaudry will retire from the Central Bank at the end of July and return to the University of British Columbia.

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Beaudry’s academic peers hold him in high esteem as he is widely recognized as one of the country’s foremost monetary policy experts.

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He was called to governing council in February 2019 when he was given the task of overseeing the central bank’s surveillance of the financial system, which involved assessing the vulnerability of the economy to a Housing collapse was the household debt.

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The Bank of Canada’s views on the housing market became significantly more nuanced as Beaudry led research based on micro-data showing the economy was vulnerable to a collapse in house prices, but perhaps not as vulnerable as headlines suggested.

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Of course, Beaudry would participate in some of the most consequential deliberations in Bank of Canada history, first during the dramatic response to the COVID recession and then in the almost equally dramatic series of rate hikes that the Bank of Canada made after it lost its control inflation at the end of 2021.

“Paul was a crucial member of the Governing Council team during one of the most challenging times in the bank’s history,” Gov. Tiff Macklem said in an April 4 statement, highlighting energy and his exceptional communication skills. Paul had a profound impact on everyone he worked with and will be missed.”

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The Bank of Canada said it would start an internal hiring process “soon” to replace Beaudry on the Governing Council, the body that advises the governor on where to set interest rates.

Beaudry’s departure will provide Macklem with another opportunity to further his efforts to surround himself with a more diverse group of advisors. He has promoted Sharon Kozicki to the Governing Council in August 2021, adding Nicolas Vincent last month, the first-ever non-executive member of the Policy Committee.

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Adam Bradshaw

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