Timothy Lane is appointed Deputy Governor of the Bank of Canada and member of the Governing Council of the bank effective Feb. 18, the bank said Wednesday.

Lane has been advisor to the Governor, focusing on domestic and international monetary policy issues, since joining the Bank of Canada in August 2008.

From 1998, Lane held numerous positions with the International Monetary Fund, including senior advisor in the Research Department (2006-2008) with responsibility for policy development as well as for analysis of many countries in Europe and Latin America. He spent a sabbatical leave in 2004-5 as visiting fellow of Balliol College at University of Oxford. Before taking up his career at the IMF, he taught at the University of Iowa and Michigan State University.

Lane holds a PhD and an MA in Economics from University of Western Ontario and First Class Honours BA in Economics and Political Science from Carleton University.

Bank of Canada Governor Mark Carney said the appointment was a recognition of the intellectual leadership that Lane has demonstrated during his career, and welcomed his international perspective which includes deep knowledge of emerging markets and global economic and macro-financial linkages.

Lane’s appointment, which resulted from an open search process, fills the vacancy created by the departure of Sheryl Kennedy.

Kennedy left the Bank of Canada in December 2008. She is now senior advisor to the chairman and CEO of Promontory Financial Group.

IE