Who's in line to take over Carney's job?
Published Tuesday, November 27, 2012 8:51AM EST
Last Updated Tuesday, November 27, 2012 9:27AM EST
With Bank of Canada Governor Mark Carney heading to the Bank of England, Canada’s financial analysts have already begun speculating about his possible replacement.
At the time of his appointment in 2008, Carney was the youngest central banker in the G7 and with this move, he becomes the first foreigner to lead the Bank of England in its 318-year history. Carney’s candour over the years regarding both government and household finances even got the attention of Time magazine, which dubbed him the 21st most-influential person in the world in 2010.
So with some big shoes to fill, who's next in line for the top job at the Bank of Canada?
TD Bank Financial Group Chief Economist Craig Alexander joined CTV's Canada AM on Tuesday, for a closer look at potential successors.
"One of the minimum criteria to get the job to replace Carney is you have to understand how Ottawa works and be able to work there," Alexander said, suggesting the most obvious choice might be to hire from within the ranks of Canada's central bank.
"There is good strength at the Bank of Canada, so I'm sure the committee will look at all of the deputy governors," he said, adding that a long list of private-sector candidates will be called for interviews, too.
Some of the likely candidates to take over Carney's job include:
Tiff Macklem -- BoC Senior Deputy Governor since July 2010. The Montreal native first joined the central bank for a year in 1984, and has more or less been there ever since, taking a break in the late 80s to complete his PhD.
Agathe Cote -- BoC Deputy Governor since July 2010, prior to which she had served for two years as Adviser to the Governor. Born in Saint-Hyacinthe, Que., Cote has been with the bank since joining as an economist in 1982.
Jean Boivin -- Deputy Governor of the BoC from March 2010 until October 2012, when he was appointed Associate Deputy Minister of Finance. A native of Chicoutimi, Que., Boivin has worked as a professor and researcher, as well as served as member of the Monetary Policy Council at the C.D. Howe Institute.
Julie Dickson -- Superintendent of Financial Institutions (Canada's banking, insurance and pension regulator) since July 2007. Prior to joining the OSFI in 1999, the Saint John, N.B. native worked in the private sector and with the federal government, where she was with the Department of Finance for 15 years.
Don Drummond -- Now retired, during his 23-year career, Drummond's jobs included Associate Deputy Minister at the Department of Finance and Chief Economist at TD Financial Group. Since his retirement, the native of Victoria, B.C. has maintained a public profile through his report on the state of Ontario's finances and its recommendations for cutting the deficit.
Kevin Lynch -- Appointed Vice Chair of BMO Financial Group in 2010, Lynch started his career at the Bank of Canada in 1976. The Sydney, N.S. native went on to serve years in government, including stints as Deputy Minister of the Industry and Finance Departments, and as Executive Director of the International Monetary Fund.
Considering the hiring committee's task ahead, Alexander expects many more candidates to emerge before one is chosen. "The committee that's set up to find the next person is going to want to interview a large number of candidates to ensure that they actually do get the person that the country needs," he said.
According to the Bank of Canada Act, the governor is appointed by directors, subject to the approval of the Governor in Council.
In order to qualify, the Act states candidates "shall be persons of proven financial experience and shall devote the whole of their time to the duties of their offices under this Act or any other Act of Parliament." They also have to hold Canadian citizenship.
It was announced Monday that Carney will stay in the role until June 2013, before taking control of the Bank of England on July 1.
If you think you've got what it takes to qualify for the seven-year appointment, you might as well start polishing your resume now. Or, let us know in the comments who you think has what it takes to set Canada's banking policy.
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