HEC Montréal economics professor Nicolas Vincent will become the first 'non-executive' member of the central bank's six-person governing council
HEC Montréal economics professor Nicolas Vincent will become the first “non-executive” member of the central bank’s six-person governing council ahead of its March 8 decision. He is set to serve as part-time deputy governor for two years, with an option for a third, instead of the longer, full-time terms typically given to policymakers.
“I’m very excited about the appointment,” Macklem said. “I have every confidence he’s going to make a very important contribution to our deliberation.” That prompted Macklem and his officials to deliver eight straight hikes, a policy U-turn that brought the benchmark overnight rate to 4.5% from the emergency low 0.25% that held through the pandemic. But after last month’s increase, the bank is moving to the sidelines to assess the impact of sharply higher borrowing costs on the economy.
Boivin, a former deputy governor himself, taught at HEC at the time and served as a mentor to Vincent. He praised the appointment, and said the Bank of Canada will benefit from both his macroeconomic expertise and his communications skills.
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