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Bank of Canada’s next boss?

Jennifer Kwan

Bank of Canada Governor Mark Carney surprised the world on Monday when he said he was heading to the Bank of England next July. The news set off speculation about who will be the Canada's next central bank governor.

Carney's successor will take over as the economy shifts into lower gear and is forecast to keep a moderate pace of growth into 2013, according to a new global forecast by the OECD. The new governor must also manage mounting concerns about the country's once red-hot housing market and soaring household debt levels.

The Bank of Canada will form a special recruiting committee and has the next seven months to find a replacement for Carney.

Names that have bandied about by economists and other market observers include:

Tiff Macklem: Macklem is the current No. 2 at the Bank of Canada. He was appointed in July 2010 as senior deputy governor. He also chairs a Financial Stability Board committee. Prior to that Macklem was associate deputy minister of the federal finance department.

Timothy Lane: Lane was appointed in February 2009 as deputy governor at the Bank of Canada. Prior to joining the bank, he spent 20 years at the International Monetary Fund. There he held analytical, policy and managerial positions, and contributed to the IMF's work on a number of countries.

Other bank insiders that could take the top spot include Deputy Governor Agathe Cote, who was appointed in 2010, and Deputy Governor John Murray, appointed in 2008.

Outsiders have also been thrust into the spotlight as well. According to media reports suitable replacements include:

Kevin Lynch: Lynch was appointed vice chairman of BMO Financial Group in 2010. Lynch began his career in 1976 as an economist with the Bank of Canada and has also served as deputy minister of Industry and deputy minister of Finance. He has also served as executive director of the IMF.

Julie Dickson: Dickson was appointed head of the Office of Superintendent of Financial Institutions Canada in 2007. Dickson joined OSFI in 1999 and prior to that served in the private and public sectors including the federal Finance department, where she worked for 15 years.

Other notable bank outsiders include Don Drummond, who is now retired but was once associate deputy minister at the Department of Finance and chief economist at TD Financial Group. Jean Boivin, who is now associate deputy minister of finance, is also seen as a possible contender. In October, Boivin left his post as deputy governor at the Bank of Canada.

Export Development Canada chief executive officer Stephen Poloz was also cited as a contender, along with according to a report in the Globe and Mail.

At this point, it's anyone's guess.