Mark Carney reached into is his inner circle to fill an opening on the Bank of Canada’s governing council, elevating Lawrence Schembri, a PhD economist who most recently has focused on financial stability.
Mr. Schembri, a Toronto native, replaces Jean Boivin, who last year resigned as a deputy governor to become the top international official at the Finance Department.
Since 2010, Mr. Schembri has served as an adviser to Mr. Carney, with responsibility for financial stability, including the central bank’s contributions to the Financial Stability Board, which Mr. Carney leads. Mr. Schembri will take up his new role on Feb. 25.
“Larry’s expertise of monetary theory and policy in open economies, and profound understanding of the international monetary system make him an exceptional addition to the governing council,” Mr. Carney said in a statement.
Mr. Schembri attended the University of Toronto and the London School of Economics before earning a PhD in economics from the Massachusetts Institute of Technology in 1984.
He taught economics at Carleton University in Ottawa until 2001, when he was named the Bank of Canada’s research director. In 2005, he became the chief of international economic analysis.