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
content of the article
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.
advertising 2
content of the article
Beaudry’s academic peers hold him in high esteem as he is widely recognized as one of the country’s foremost monetary policy experts.
content of the article
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.
content of the article
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.
content of the article
advertising 3
content of the article
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.”
advertising 4
content of the article
-
Bank of Canada is “ready to act” on banking turmoil, says Deputy Governor Toni Gravelle
-
Canada’s economy is bouncing back from last year’s stalemate: what you need to know
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.
• Email: kcarmichael@postmedia.com | Twitter: CarmichaelKevin
https://financialpost.com/news/economy/paul-beaudry-to-leave-bank-of-canada Bank of Canada Deputy Governor Paul Beaudry is leaving office
Comments
Postmedia strives to maintain a vibrant but civilized forum for discussion and encourages all readers to share their views on our articles. Comments may take up to an hour to be moderated before they appear on the site. We ask that you keep your comments relevant and respectful. We’ve turned on email notifications – you’ll now receive an email when you get a reply to your comment, there’s an update on a comment thread you follow, or when a user you follow comments follows. For more information and details on how to customize your email settings, see our Community Guidelines.
Join the conversation