Central bank No. 2 says more diversity at policy table is key in modern economy

TORONTO — The Bank of Canada’s senior deputy governor says more diverse perspectives are needed at the policy decision-making table to avoid falling into an “echo chamber” that reinforces the same viewpoint.

Carolyn Wilkins says while such a move may not seem relevant for a central bank at first, the Bank of Canada’s role in modern economic projects, including managing cryptocurrency assets, require increased diversity of thought.

The central bank deputy governor was speaking during a panel discussion at the G7 Women’s Forum in Toronto on the benefits of an inclusive economy and the challenges to achieving it.

She says the Bank of Canada has made strides in gender diversity within its own ranks, as roughly half of its 1,700 staff are currently women, but representation is lower in the economics and finance roles.

However, Wilkins adds, the education system needs to encourage more diversity in the so-called STEM fields of science, technology, engineering and mathematics.

Wilkins also says, more broadly, rising inequality in society is a concern as it leads to more volatile economic growth, and erodes trust in institutions.