The board of directors of the Bank of Canada on Monday appointed Marc-Andre Gosselin and Nicolas Vincent as deputy governors, effective May 25 and August 3, respectively, for the Governing Council , said Scotiabank.
Their appointments follow the sudden departure of Rhys Mendes on April 10 and the retirement of Sharon Kozicki, with July 15 slated as her final day at the central bank.
The reason it only took a month to announce their replacements is that no public search was conducted, as the BoC had guided that the spots would be filled by internal candidates, noted Scotiabank.
Yet the BoC lacks regional representation, stated the bank. Its entire GC now hails from the three provinces of Quebec (3), Ontario (2) and Manitoba (1). Both of Monday's appointments are from Quebec.
Scotiabank added it fully expects the two new appointees to do their jobs as professionals in setting monetary policy that is appropriately designed for the country as a whole.
Yet the BoC is supposed to represent voices from across Canada and could have someone from the four eastern provinces, but it's Western Canada's omission that sticks out in terms of having two of the four biggest provincial economies in the country, and with no representation on the governing council, according to the bank.
Perhaps at least the part-time external deputy governor should come from Western Canada, it suggested. Maybe that one should have some market experience as well in order to fill a void of "external market savviness" on the governing council, concluded Scotiabank.