Bank of Canada’s Macklem Says He’d Accept Governor Post

Tiff Macklem, the Bank of Canada’s senior deputy governor, said for the first time he’s interested in replacing Governor Mark Carney, who leaves for the Bank of England in June.

Speaking in Ottawa to lawmakers at the House of Commons Finance Committee, who asked him what the challenges might be for Carney’s replacement, Macklem said he didn’t want to answer interview-type questions, because there’s a separate process to select a new governor.

“Yes, if asked, I will serve,” Macklem said in response to a question about whether he had interest in the job.

Finance Minister Jim Flaherty said April 18 he has some “very good candidates” for the position. He said earlier this month it would be best to have a replacement by this month for Carney, who is leaving June 1 to take over the Bank of England.

Carney’s successor will take over a central bank that has balked at joining efforts by other Group of Seven bankers such as Federal Reserve Chairman Ben S. Bernanke to stimulate demand. Canada faces its slowest growth since the 2009 recession and Flaherty’s plans to eliminate the country’s budget deficit by 2015 limit scope for further fiscal stimulus if the economy weakens further.

Flaherty said in January he will be directly involved in the selection of Carney’s replacement. Analysts at JPMorgan Chase & Co. said last month the most likely candidates are Macklem and Export Development Canada Chief Executive Officer Stephen Poloz.

To contact the reporter on this story: Greg Quinn in Ottawa at

To contact the editors responsible for this story: David Scanlan at; Chris Wellisz at

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