UPDATE 2-Bank of Canada names insider economist as deputy governor

Thu Feb 21, 2013 4:17pm EST
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* Schembri to be one of six on governing council

* An academic who came up through the ranks

* Will focus on financial system activities

* Has written papers showing benefit of flexible FX

By Randall Palmer

OTTAWA, Feb 21 (Reuters) - Larry Schembri, a Bank of Canada economist with international expertise, will become one of the central bank's deputy governors on its rate-setting council starting next week, the bank said on Thursday.

Schembri, 55, is an academic who currently coordinates the bank's contributions to the Financial Stability Board of the Group of 20 leading economies. He will replace Jean Boivin, who moved to the finance ministry. Schembri's appointment is effective next Monday.

The bank has still to replace Governor Mark Carney, who will leave on June 1 to head up the Bank of England starting in July.

"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 governing council," Carney said in a statement.   Continued...