OTTAWA, Feb. 23, 2016 /CNW/ - The Board of Directors of the Bank of Canada today announced the appointment of Sylvain Leduc as Deputy Governor, effective 2 May 2016. Mr. Leduc's appointment, which is the result of an open search process, fills the vacancy created by the retirement of Agathe Côté in January.
As Deputy Governor, Mr. Leduc 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.
"Sylvain Leduc's central banking experience and deep understanding of the international monetary system make him an exceptional addition to the Bank's Governing Council," said Governor Stephen S. Poloz. "His expertise in economic modelling and policy will complement the skills and experience of his fellow Deputy Governors. My colleagues and I warmly welcome Sylvain to the Bank."
A renowned and prolific researcher, Mr. Leduc is currently Vice President, Microeconomic and Macroeconomic Research at the Federal Reserve Bank of San Francisco. He has worked at the San Francisco Fed since 2008 and before that occupied increasingly senior positions at the Federal Reserve Bank of Philadelphia and at the Board of Governors of the Federal Reserve System in Washington, D.C.
Born in Montréal, Quebec, Mr. Leduc received his bachelor's and master's degrees in economics from McGill University and obtained a PhD in economics from the University of Rochester. He has served as Editorial Advisor for the Canadian Journal of Economics.
With today's appointment, Governor Poloz and Senior Deputy Governor Carolyn Wilkins also announced a reallocation of responsibilities among the Deputy Governors. Mr. Leduc will share responsibility with Deputy Governor Lynn Patterson for overseeing the Bank's financial system activities, while Deputy Governors Tim Lane and Larry Schembri share responsibility for overseeing the Bank's analysis of international and domestic economic developments in support of monetary policy decisions.
SOURCE Bank of Canada
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