Briefing on the Financial Stability Report

Toni Gravelle was appointed Deputy Governor of the Bank of Canada, effective October 1, 2019. In this role, he oversees the Financial Markets Department (FMD) and the Banking and Payments Department, and is one of two Deputy Governors who oversee the Bank’s role in maintaining a stable and efficient financial system. As a member of the Bank’s Governing Council, he also shares responsibility for decisions about monetary policy and for setting the strategic direction of the Bank.

Mr. Gravelle first joined the Bank in 1996 as an analyst in FMD and went on to hold increasingly senior positions. He became Deputy Managing Director of the Financial Stability Department in 2008 and held that position until 2013, when he was seconded to the Department of Finance Canada. He returned to the Bank in 2015 when he was appointed Managing Director of FMD.

Along with his expertise in Canada’s financial sector, Mr. Gravelle brings international experience to the Bank. From 2002 to 2005, he was an economist at the International Monetary Fund (IMF), where he helped assess the stability of financial systems in France and Senegal and contributed to the IMF’s semi-annual Global Financial Stability Report.

Mr. Gravelle is a native of Corbeil, Ontario, and holds a PhD in economics from Western University.

Louis Morel is a Senior Policy Advisor in the Financial Stability Department (FSD) at the Bank of Canada. As such, he oversees the production of the Bank’s Financial System Review. Prior to working in FSD, Louis held various positions of increasing responsibility in the Bank’s Canadian and International economic analysis departments. During 2019 and 2020, he also took on a secondment at Employment and Social Development Canada where he was the Director General of the Economic Policy Directorate. Louis holds an MA in economics from Queen’s University.

Alexandra Lai is Senior Director in the Financial Market Department at the Bank of Canada. In this role, she provides leadership to the development of policy advice on domestic and international regulatory policy, with a focus on regulated financial institutions (e.g., the bank resolution regime and other policy initiatives aimed at ending “too big to fail”), shadow banking, the federal housing finance framework, macroprudential policy, and the provision of central bank liquidity. Ms Lai holds a PhD in Economics from Queen’s University. She joined the Bank of Canada in 2000 and has held positions within the Bank in several areas, including Special Studies (Research), FMI oversight, and regulatory policy.

Toni Gravelle was appointed Deputy Governor of the Bank of Canada, effective October 1, 2019. In this role, he oversees the Financial Markets Department (FMD) and the Banking and Payments Department, and is one of two Deputy Governors who oversee the Bank’s role in maintaining a stable and efficient financial system. As a member of the Bank’s Governing Council, he also shares responsibility for decisions about monetary policy and for setting the strategic direction of the Bank.

Mr. Gravelle first joined the Bank in 1996 as an analyst in FMD and went on to hold increasingly senior positions. He became Deputy Managing Director of the Financial Stability Department in 2008 and held that position until 2013, when he was seconded to the Department of Finance Canada. He returned to the Bank in 2015 when he was appointed Managing Director of FMD.

Along with his expertise in Canada’s financial sector, Mr. Gravelle brings international experience to the Bank. From 2002 to 2005, he was an economist at the International Monetary Fund (IMF), where he helped assess the stability of financial systems in France and Senegal and contributed to the IMF’s semi-annual Global Financial Stability Report.

Mr. Gravelle is a native of Corbeil, Ontario, and holds a PhD in economics from Western University.

Louis Morel is a Senior Policy Advisor in the Financial Stability Department (FSD) at the Bank of Canada. As such, he oversees the production of the Bank’s Financial System Review. Prior to working in FSD, Louis held various positions of increasing responsibility in the Bank’s Canadian and International economic analysis departments. During 2019 and 2020, he also took on a secondment at Employment and Social Development Canada where he was the Director General of the Economic Policy Directorate. Louis holds an MA in economics from Queen’s University.

Stéphane Lavoie was appointed Managing Director, Financial Markets Department (FMD), effective November 1, 2021. He is responsible for policy formulation and execution of the Bank of Canada’s financial market activities as they relate to monetary policy implementation, funds management and financial system liquidity. He also oversees analysis and research and directs policy advice related to domestic and international financial markets.

Mr. Lavoie has a wealth of experience in financial market analysis and operations, including collateral and liquidity policies, as well as in monetary policy, the financial system and funds management. Since joining the Bank in 2001, he has held several senior positions. He was appointed Senior Director of the Bank’s Calgary Operational Site (COS) for market and banking operations in July 2018. Before that, he served as Deputy Managing Director of the Funds Management and Banking Department (FBD) and of FMD. He has been a co-chair of the Foreign Reserves Committee, the Debt and Treasury Management Committee and the Retail Debt Committee. He has also served as a member of the Bank’s Pension Fund Investment Committee and represented the Bank on various international committees.

Mr. Lavoie obtained both a bachelor and master’s degrees in business administration with a concentration in finance from Université Laval and holds the Chartered Financial Analyst designation.