Carolyn Wilkins has moved her departure date from the Bank of Canada to December. She is the second in command as senior deputy governor. She is leaving five months before the end of her term. The bank’s board of directors has started searching for her replacement, and a public advertisement for the position has been posted online.
In September, she announced publicly that she wouldn’t be seeking a second term despite being a top candidate for the position of governor. Now the reins are held by Tiff Macklem. Wilkins said,
“The end of the year provides for an appropriate time to leave
the Bank, so that I can explore the next chapter in my career.”
She added that now Governor Macklem and the Board can move forward in solidifying the team that will manage the economy through recovery and achieve the longer-term goals of the Bank.
A bit of history: in 2014, Wilkins, who has spent twenty years at the Bank of Canada, was named senior deputy governor. She replaced Macklem, considered a top candidate for governor. He was the central bank’s second-in-command until Stephen Poloz got the job.
Of note, Wilkins has fostered the bank’s response to the COVID-19 pandemic. Among the strategies is quantitative easing to pump money into the economy to keep the credit markets working.
Macklem has acknowledged her role in strengthening the central bank’s research efforts, promoting its diversity, and expanding its digital capacity.
“Carolyn has provided exceptional leadership as an
economic policymaker these past six and a half years.”
He noted that she will be sorely missed, and her many contributions will be felt for many years to come.
The ad for Wilkins replacement should be a “sophisticated understanding of economics and finance.” The person must possess a deep knowledge of the country’s financial system. He or she must be able to lead “an organization through change and uncertainty” while helping the bank “maintain its independence and credibility with financial markets, key domestic and international stakeholders and partners, and the Canadian public.”