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Poloz says a second term as Bank of Canada’s Governor is option

Poloz says a second term as Bank of Canada’s Governor is option
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Bank of Canada Governor Stephen Poloz, who is entering the final year of his seven-year term next month, indicated he may consider staying on the job longer if asked.

Speaking to BNN Bloomberg, Poloz said a continuation of his term is “obviously, one of the options” as his current mandate expires.

“There’s a lot of different scenarios we can sketch out,” Poloz said. “I’m not putting a lot of energy into it because there is an awful lot on the go, and it seems like a long time from now.”

With Poloz’s term nearing its end, Canada joins other major economies grappling with a potential leadership change at their central banks. European Central Bank President Mario Draghi steps down in October, while Poloz’s predecessor and countryman, Mark Carney, is set to leave the Bank of England next January.

No Canadian central bank governor has been given a second mandate since the early 1980s, but two terms had been the norm in the past. Poloz became governor in June 2013.

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Early front-runners to replace Poloz include the governor’s chief deputy, Carolyn Wilkins; the head of BlackRock Inc.’s research unit, Jean Boivin; and the dean of the University of Toronto’s Rotman School of Management, Tiff Macklem.

Would-be candidates also won’t know who will make the final decision until after federal elections in October. While the Bank of Canada’s board of directors conducts the selection process, the country’s finance minister and prime minister get the last word.
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