In a shift, the central bank plans to fill the vacancy on its rate-setting council with an external candidate after deputy governor Timothy Lane’s departure in September. The temporary governor won’t have an executive role at the bank, serving as part of a part-time, temporary contract. (The Logic)

Talking point: Bank of Canada governor Tiff Macklem said in a statement Thursday that the change “provides an opportunity both to bring fresh and diverse perspectives into the bank’s consensus-based policy decision-making framework and to ensure the bank’s executive team has a balanced, streamlined and effective distribution of management responsibility.” The role will be equivalent to roughly 50 per cent to 70 per cent of a full-time role, said the bank, which has hired recruiting firm Boyden to manage the search.