Bank of Canada restructures to enhance stability

The reorganisation - the culmination of an internal review led by the central bank's senior management - involves the appointment of senior staff to lead the central bank's work in monetary policy, financial stability, the management of the Canadian government's funds and Canadian banknotes.

Paul Fenton and Lawrence Schembri, as heads of the new Canadian economic analysis and international economic analysis departments, will lead the central bank's work in monetary policy. Mark Zelmer will oversee the financial stability function, with Donna Howard heading the financial markets department. Gerry Gaetz will head currency operations, and George Pickering funds management.

The restructuring will promote financial stability "through better co-ordination between the central bank's economic and financial analysis and its market intelligence activities."

The central bank said the new structure would also "build the synergies needed to tackle complex policy issues inherent in the central bank's mandate to contribute to high living standards through low, stable and predictable inflation and a sound financial system."

By strengthening the links between research and policy, the central bank said it expected to see its "already strong reputation for policy research" complemented by longer-term projects.

A spokesman for the central bank told Central Bank News that the restructuring was one of a number of initiatives aimed at evolving the institution to take into account developments in global financial markets. No job losses would result from the re-shuffle.

The new structure also adjusts the management of administration activities - such as human and financial resources, information technology, physical infrastructure and communications - to provide more effective support for the four mandated functions.

Click here to read the central bank's statement