OTTAWA, Feb. 21, 2013 /CNW/ - The Board of Directors of the Bank of
Canada today announced the appointment of Lawrence L. Schembri as
Deputy Governor effective 25 February 2013. Mr. Schembri's appointment,
which resulted from an open search process, fills the vacancy created by the departure of Jean Boivin.
As Deputy Governor, Mr. 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
Mr. Schembri was appointed Adviser to the Governor in September 2010,
with responsibilities in the area of financial stability, including the
coordination of the Bank's contributions to the Financial Stability
Board (FSB). Born in Toronto, Ontario, Mr. Schembri received a Bachelor
of Commerce degree from the University of Toronto, an MSc in Economics
from the London School of Economics and Political Science, and a PhD in
Economics from the Massachusetts Institute of Technology. After
completing his PhD, Mr. Schembri became an assistant professor and,
later, associate professor of economics at Carleton University.
Mr. Schembri joined the Bank in 1997 as a visiting Research Adviser in
the International Department. In 2001, he was appointed Research
Director. From 2005 until his appointment as Adviser to the Governor,
Mr. Schembri was Chief of the Bank's International Economic Analysis
With today's appointment, Bank of Canada Governor Mark Carney and Senior
Deputy Governor Tiff Macklem also announced a reallocation of
responsibilities among the Deputy Governors. Mr. Schembri will share
responsibility with Deputy Governor Tim Lane for overseeing the Bank's
financial system activities, while Deputy Governors Agathe Côté and
John Murray will share responsibility for overseeing the Bank's
analysis of domestic and international economic developments in support
of monetary policy decisions.
SOURCE: Bank of Canada
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