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Bank of Canada ad calls for leader with ‘courage to take a stand’

Bank of Canada Governor Mark Carney smiles as he speaks with colleagues at the start of a meeting with provincial finance ministers in Chelsea, Que., on Dec. 17, 2012.

Adrian Wyld/THE CANADIAN PRESS

The Bank of Canada is looking for a new boss with "the courage to take a stand" as it seeks to replace Governor Mark Carney, who is leaving to head the Bank of England.

But an advertisement for the position (pdf), published on Monday, made clear that Canada is not about to follow Britain in appointing a foreign citizen to head its central bank.

"A Canadian citizen, you have the demonstrated ability to exercise sound judgment in a highly complex environment, to manage competing priorities, and to rank strategic priorities," the ad said in addressing the hypothetical successful candidate.

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"Your leadership style is characterized by a personal inclination to lead through persuasion, and you have the courage to take a stand to support principles and policies."

The Bank of Canada describes itself as having "considerable independence" from the federal government, compared to other federal institutions.

But the governor consults regularly with the finance minister, and the government has the power to override Bank of Canada monetary policy.

Mr. Carney was named on Nov. 26 last year as the surprise choice to run the Bank of England, effective July 1. The Bank of England has said Mr. Carney, who has headed the Bank of Canada since 2008, would be seeking British citizenship.

Senior Deputy Governor Tiff Macklem is widely seen as the front-runner to replace Mr. Carney, but the choice is not guaranteed.

Finance Minister Jim Flaherty said in December that continuity mattered, phrasing which supports a candidate like Mr. Macklem, but he also said that what really mattered was to have someone who would maintain solid monetary policy and control inflation.

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