Tiff Macklem, who played a leading role guiding Canada through the financial crisis, will succeed Stephen Poloz as the next governor of the Bank of Canada. Macklem, currently dean of the University of Toronto’s business school, helped shape Canada’s response to crisis when he served as a top aide to late former Finance Minister Jim Flaherty. He also has deep ties with the Bank of Canada, having originally joined the institution in 1984 before eventually serving as second-in-command under then-governor Mark Carney from 2010-14.

Below is some of the early reaction to Macklem’s appointment.

Mark Carney, former Bank of England governor and former Bank of Canada governor, in an email to BNN Bloomberg

“Tiff brings an unparalleled combination of experience in central banking, academia and business to the outstanding team at the Bank of Canada. Tiff is a person of the utmost integrity, intelligence and decisiveness, who always puts the best interests of Canadians at the centre of his work. It is tremendous that he will serve our country during this critical time.”

Doug Porter, chief economist at BMO Financial Group, in a BNN Bloomberg interview

“I think Tiff is an excellent choice. We thought he was an excellent choice seven years ago. He’s got long experience with the bank and also with the finance department and as Finance Minister [Bill] Morneau indicated, global experience as well, which may have been the tipping point and the reason why he was picked.”

'Tiff is an excellent choice': BMO's Porter on BoC governor appointment

BMO Financial Chief Economist Doug Porter shares his reaction to the federal government's decision to appoint Tiff Macklem as the next Bank of Canada governor. Porter says Macklem is an "excellent choice" given his long history with the central bank.

Gord Nixon, chair at BCE and former CEO of Royal Bank of Canada, in a BNN Bloomberg interview

“I can’t think of a better person for this role than Tiff … I have no concerns whatsoever in terms of Tiff moving into that role. And as I’ve said, he’s been through the trenches before given the role he played during the 2008-2009 financial crisis.”

'I can't think of a better person for this role': Former RBC CEO on Tiff Macklem's appointment as BoC Governor

Tiff Macklem is the right person to succeed Stephen Poloz as governor of the Bank of Canada, according to Gord Nixon, former CEO of RBC. Macklem has been through a crisis before and his experience should help the central bank seamlessly manage the transition during the current economic meltdown due to COVID-19.

Avery Shenfeld, chief economist at CIBC Capital Markets, in a note to clients

“Tactics can and will change given the economic circumstances, as witnessed in the past few months with large scale asset purchases being adopted. … And the market will have to get used to what’s likely to be a somewhat less colourful communication style than the outgoing governor’s. But for those projecting where inflation will head in the coming years, given the bank’s track record, the two per cent target is as good a forecast as any for the post-Covid period.”

Stephen Brown, senior Canada economist at Capital Economics, in a note to clients

“The focus of market participants may be in determining whether Macklem is a ‘hawk’ or a ‘dove’, but it is worth noting that the members of the bank’s Governing Council have tended to stick to the same script over the years, with no discernible difference in the communications of individuals. The institution matters more than the person leading it.”

Derek Holt, head of capital economics at Scotiabank, in a BNN Bloomberg interview

“It’s a fine choice. I thought he would’ve been a fine choice even in 2013. So it’s very welcome to see him returning to the fold at the Bank of Canada. He brings very, very rich experience and crisis-fighting experience with his rescue of the asset-backed commercial paper market in Canada during the depths of the global financial crisis, and he has the experience having basically run the central bank in the past when he was senior deputy governor and hence chief operating officer. So overall I think he’s a well-regarded choice not just at home but internationally.”

Macklem as BoC governor 'to be well received at home and internationally': Economist

Derek Holt, head of capital markets economics at Scotiabank, joins BNN Bloomberg to discuss the appointment of Tiff Macklem as the new governor of the BoC. He notes Macklem has great experience in navigating crisis as he helped successfully steer Canada during the 08 financial crisis.

Karl Schamotta, chief market strategist at Cambridge Global Payments, in a BNN Bloomberg interview

“I was definitely on Team Wilkins going into this. I thought that this was a great opportunity to change what the Bank of Canada has traditionally done. But this is certainly a move that gives people on the Street a lot of confidence. We have someone in charge who has been through a crisis previously, has those deep connections with the international community, and also has worked with [Bank of Canada Senior Deputy Governor Carolyn Wilkins] in the past. So both of them at the head of the bank are really helping to support risk sentiment in Canadian markets today. Certainly, it isn’t a shock that Tiff was brought in after having done a sort of tour of duty outside of the bank in the last seven years.”