Tiff Macklem was appointed Senior Deputy Governor for a term of seven years beginning 1 July, 2010. As Senior Deputy Governor, he is the Bank’s Chief Operating Officer and a member of the Board of Directors of the Bank. Mr. Macklem’s duties include overseeing strategic planning and coordinating the Bank’s operations, sharing responsibility for the conduct of monetary policy as a member of the Bank’s Governing Council, and participating in fulfilling the Bank’s responsibilities for promoting financial stability. He also chairs the Financial Stability Board’s Standing Committee on Standards Implementation. Prior to his appointment, Mr. Macklem served as Associate Deputy Minister of the federal Department of Finance and Canada’s G7 Deputy.
Born in Montréal, Quebec, Mr. Macklem graduated from Queen’s University in 1983 with a bachelor’s degree in economics, and completed a master’s degree and a PhD in economics from the University of Western Ontario. In 1984, he joined the Bank of Canada in the Department of Monetary and Financial Analysis for one year. He returned to the Bank in 1989 following the completion of his PhD. Mr. Macklem occupied increasingly senior positions in the Research Department (now Canadian Economic Analysis) until his appointment as Chief in January 2000. He was appointed Adviser to the Governor in August 2003. In 2003-4, he was seconded to the Department of Finance, returning to the Bank as a Deputy Governor in December 2004. He rejoined Finance as Associate Deputy Minister in 2007.