The Canadian Press

The associate deputy minister of the federal Finance Department and Canada’s G7 deputy has been named senior deputy governor of the Bank of Canada.

Tiff Macklem’s appointment for a term of seven years, which has been approved by the federal cabinet, begins July 1.

Macklem helped develop measures to mitigate the impact of the global financial crisis and has been involved in developing the global response to the crisis through the G7, G20 and the Financial Stability Board.

Central bank governor Mark Carney says the Montreal native represents “the best traditions of the Bank of Canada.”

Carney says his extensive experience and management approach are ideally suited to the demanding and complex roles of his new job.

The senior deputy governor is the central bank’s chief operating officer and serves on the governing council, which oversees monetary policy and approaches to financial stability.

Macklem graduated from Queen’s University in 1983 with a BA in Economics and obtained a master’s and a PhD in Economics from the University of Western Ontario.

He joined the Bank of Canada in the Department of Monetary and Financial Analysis in 1984 and subsequently moved up through the ranks until he was appointed adviser to the governor in August 2003.

He was seconded to the Finance Department before returning to the central bank as a deputy governor in December 2004. He rejoined Finance as associate deputy minister in 2007.

IE