05/01/2020 09:49 EDT | Updated 05/01/2020 09:58 EDT

Tiff Macklem Named New Bank Of Canada Governor

The changing of the guard at Canada's central bank takes place at a time of economic upheaval.

Sean Kilpatrick/The Canadian Press
Tiff Macklem, then-deputy governor of the Bank of Canada, appears at a Commons finance committee on Parliament Hill in Ottawa, Tues. April 29, 2014. Macklem has been named the bank's next governor.

Tiff Macklem, a former second-in-command at the Bank of Canada, is coming back to the central bank to take over the top job.

Macklem, the dean of the business school at the University of Toronto, will take over the reins of the central bank as governor in early June when Stephen Poloz’s seven-year term ends.

Finance Minister Bill Morneau says Macklem brings a deep knowledge of and expertise in financial markets and will serve the central bank well as it navigates the an economic crisis like no other.

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The bank controls the country’s money supply, trying to support economic growth and stability while keeping inflation on target.

As well, the governor’s statements about the economy and the financial system set trends and move markets.

The other leading candidate for the post was thought to be Carolyn Wilkins, the bank’s current No. 2.