The Bank of Canada is about to get a new leader, and candidates for governor are emerging: BlackRock, Scotiabank economists and others are on the list.

The Bank of Canada is about to begin the search for its next governor, but this time there is a difference: the final decision on this high-profile position rests with the government, and the prime minister happens to be an expert on the role. Before entering politics and winning last year's election, Mark Carney successively led the Bank of Canada and the Bank of England. That unique resume will inevitably come into play as the Bank of Canada looks for a successor to Tiff Macklem. Macklem, now 65, sees his seven-year term expire next June, and an announcement on his future is expected soon. The next governor will inherit one of the most uncertain economic environments in decades. More frequent supply shocks, trade disruptions, high sovereign debt, and AI infrastructure buildout could all push up inflation and borrowing costs. Technically, the central bank's board of directors appoints the next governor; but the choice must be approved by the government and is usually announced publicly by the finance minister. Media interviewed dozens of economists and other experts (including former central bank officials) to gauge whom they see as the early front-runners. Some of them believe Carney will want to make historyby having his government appoint the first native French-speaking governor in the Bank of Canada's history. Jean Boivin is a favored candidate, with economists saying his resume and connections suit the role. He served as deputy governor of the Bank of Canada from 2010 to 2012, when Carney was governor. Scotiabank chief economist Jean-Franois Perrault, as well as prominent economist Nicolas Vincent, who became a full-time deputy governor in August this year, are also seen as strong contenders. There is another choice that could make history: Carney's cabinet could select former senior deputy governor Carolyn Wilkins, who would become the first female governor of the Bank of Canada. She lost out to Macklem in the 2020 contest for the top job. As prime minister, Carney is accustomed to selecting people with long experience in finance and the private business sector for key positions. The list includes former Goldman Sachs banker Tim Hodgson, now energy minister; and former BlackRock and pension executive Mark Wiseman, now Canada's ambassador to the United States. On Monday, he appointed Bridgewater co-chief investment officer Karen Karniol-Tambour to lead Canada's new sovereign wealth fund. The board will soon begin reviewing potential successors, typically producing a short list for the finance minister and the Prime Minister's Office. According to a former government official familiar with the matter, the last selection ultimately came down to Macklem and Wilkins. At the time, some officials in Justin Trudeau's office wanted Wilkins, but Finance Minister Bill Morneau ultimately secured support for Macklem, then dean of the University of Toronto's Rotman School of Management. Below are some potential candidates Jean Boivin: This BlackRock economist has known Carney for a long time. He joined the central bank in 2009 as a special adviser and later rose to deputy governor. At the time, Carney said Boivin's research was "pushing the frontiers of monetary economics." In his 2021 book "Value(s)," Carney mentioned Boivin, listing him among colleagues who taught him "the importance of resilience, innovation and responsibility." Boivin also briefed Canada's cabinet at a retreat in Quebec in January this year. He was born in Chicoutimi, Quebec, and holds a PhD in economics from Princeton University. After leaving the central bank, Boivin joined the federal public service as assistant deputy minister at the Department of Finance, before moving to the private sector. Like Carney, his career has also extended to London. He currently heads the BlackRock Investment Institute, the research arm of the world's largest asset manager. Jean-Franois Perrault: Chief economist at Scotiabank since late 2015. During the COVID-19 pandemic, his team was among the first to warn investors that the central bank would be forced to break with its long-standing practice of guiding investors to expect ultra-low rates. Perrault's career overlapped with Carney's time at the Bank of Canada. He also worked at the federal Department of Finance, holding several senior roles on the policy team and rising to assistant deputy minister for economic and fiscal policy. After Carney's election last year, he invited Perrault to a cabinet retreat to brief ministers on the country's economic outlook. He was born in Montreal and holds a master's degree in economics from the University of Ottawa, but no doctorate. Carolyn Wilkins: She worked at the Bank of Canada for about two decades, including six years as its No. 2 official. The last time the top job was vacant, then-governor Stephen Poloz was reportedly said to have endorsed her. Wilkins helped lead the central bank's pandemic response, including its first foray into quantitative easing and other programs to restore liquidity during the crisis (including long-term repos). After leaving the central bank, Wilkins joined the Bank of England's Financial Policy Committee as an external member. She was born in Peterborough, Ontario, and holds a master's degree in economics from Western University, but no doctorate. Nicolas Vincent: In 2023, Vincent joined the Bank of Canada as its first external non-executive deputy governor. The position was originally part-time, but he moved to full-time a few months ago. He was born in Trois-Rivires, Quebec, and holds a PhD in economics from Northwestern University, with extensive teaching experience. Compared with other central bank officials on the list, he has less experience at the central bank and a background that is more academic than managerial. More than a decade ago, he served as a visiting researcher at the Bank of France. During his time at the central bank, he has given speeches on corporate inflation pass-through and productivity challenges. Paul Beaudry: Beaudry served on the central bank's Governing Council from 2019 to 2023, through the pandemic and the subsequent inflation surge. Also born in Montreal, he is currently a professor at the University of British Columbia and has also taught at Oxford and Boston University. He holds a PhD in economics from Princeton University. His research focuses on business cycles, inflation and financial markets. Before leaving the central bank, he gave a speech saying risks to Canada's neutral rate were tilted to the upside. Carolyn Rogers: Current senior deputy governor, who took office in 2021, is the only person on the list without a graduate degree in economics, but has a deep financial regulatory background. She holds an MBA from Queen's University and is a chartered professional accountant. As the central bank takes on responsibility for overseeing the payment system, Rogers has an opportunity to lead the institution into a larger role in financial regulation. She was born in Winnipeg and has limited French proficiency, which could be a shortcoming for a senior role at the bilingual institution. In 2024, she gave a major speech on the country's weak productivity, likening it to an emergency.