The Globe and Mail reports in its Friday, Oct. 4, edition that the Bank of Canada is adding a second external member to its governing council to bring diverse perspectives to the table when making decisions about interest rates. The Globe's Mark Rendell writes that this part-time position will have a two-year term with the possibility of an extension. The new appointee will join the governor and deputy governors to form a council of seven members responsible for setting interest rates and making other monetary policy decisions. Last year, Nicolas Vincent, an economics professor at HEC Montreal, became the first external deputy governor. The bank has announced that his appointment has been extended by a year, until March, 2026. Governor Tiff Macklem said in a statement, "As the bank navigates an increasingly complex and fast-changing economy, the creation of a second external Governing Council role will add further perspective and bring different skills and experiences to the table." The new external deputy governor will join the bank in the middle of a monetary easing campaign. Financial markets expect the bank to keep cutting through the rest of this year and the first half of next year.