The Board of Directors of the Bank of Canada today announced the appointment of Lawrence L. Schembri as Deputy Governor, effective February 25, 2013. Schembri’s appointment, which resulted from an open search process, fills the vacancy created by the departure of Jean Boivin.
As Deputy Governor, Schembri will join the Bank’s Governing Council, which is the policy-making body of the Bank. The Governing Council is responsible for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank.
“Larry’s expertise of monetary theory and policy in open economies, and profound understanding of the international monetary system make him an exceptional addition to Governing Council,” said Governor Mark Carney.
“Furthermore, his dedicated efforts in recent years in support of the Bank’s financial stability function have contributed greatly, not only to the Bank, but also to the important work of the Financial Stability Board. My colleagues and I warmly welcome Larry to the Governing Council,” Carney added.
Also read: