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Bank of Canada Appoints Second External Deputy Governor

Bank of Canada Appoints Second External Deputy Governor

The Bank of Canada (BoC) announced on Tuesday the appointment of University of Toronto economics professor Michelle Alexopoulos as its second external deputy governor. This move expands the central bank’s governing council to seven members, reinforcing its commitment to incorporating diverse perspectives into monetary policy decisions. Alexopoulos will serve in a part-time capacity for a two-year term.

The external deputy governor position was first introduced in 2023, with Nicolas Vincent of HEC Montreal being the inaugural appointee. His term was recently extended for another three years. The initiative aims to bring fresh viewpoints into the council’s discussions, particularly regarding rate policy and broader economic strategies.

Alexopoulos, a seasoned economist with a doctorate from Northwestern University, specializes in business cycles, monetary policy, and economic uncertainty. She has been a vocal proponent of the BoC’s inflation-targeting framework, cautioning against adopting a dual mandate like the U.S. Federal Reserve. In 2021, she emphasized the effectiveness of the existing approach in maintaining stable inflation expectations.

Beyond monetary policy, Alexopoulos has also advocated for economic reforms to enhance Canada’s internal trade and labor mobility. In a 2023 paper for the C.D. Howe Institute, she co-authored research suggesting that eliminating interprovincial trade barriers could boost Canada’s GDP by up to 7%, highlighting the potential for significant economic gains.

With this appointment, the Bank of Canada continues to strengthen its policy-making framework, integrating academic expertise to navigate economic challenges and sustain long-term financial stability.

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