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Peer reviews

We commissioned 2 international experts to provide an independent review of the Review and Assessment of the Formulation and Implementation of Monetary Policy (RAFIMP).

These reviewers provided valuable feedback through a number of stages, and early feedback has contributed to a significant improvement in the quality of the report.

The final reports from these reviewers are their independent view on the published version of the RAFIMP, after incorporating their earlier feedback.

External reviewers' biographies

Lawrence Schembri served as Deputy Governor from 2013 until his retirement from the Bank of Canada in June 2022. In this capacity, he was 1 of 2 deputy governors responsible for overseeing the Bank of Canada’s analysis and activities promoting a stable and efficient financial system. From 2016, he supervised the Bank of Canada’s analysis of domestic economic developments. As a member of the Bank of Canada’s Governing Council, he shared responsibility for decisions related to monetary policy and financial system stability and for setting the Bank of Canada’s strategic direction. He was also the executive sponsor for the Bank of Canada’s Indigenous outreach programme.

Mr Schembri joined the Bank of Canada in 1997 as a Research Advisor, before being appointed Managing Director of the International Economic Analysis Department in 2005. In 2010 he was appointed Advisor to the Governor, with responsibilities for financial stability analysis and coordinating the Bank of Canada’s contribution to the Financial Stability Board.

While at the Bank of Canada, Mr Schembri published research on exchange rate and monetary theory and policy in open economies, the international monetary system and financial stability. Prior to joining the Bank of Canada, Mr Schembri was an associate professor of economics at Carleton University. He received his PhD in Economics from MIT.

He currently is a Senior Fellow and the co-holder of the Peter M. Brown Chair in Canadian Competitiveness at the Fraser Institute.


Professor Warwick McKibbin, AO, FASSA is a Distinguished Professor of Economics and Public Policy and Director of the Centre for Applied Macroeconomic Analysis (CAMA) in the Crawford School of Public Policy at the Australian National University (ANU). He is also Director of Policy Engagement, and ANU Node Leader at the ARC Centre of Excellence in Population Ageing Research (CEPAR). In addition to these roles, he holds a number of research fellowship positions.

Professor McKibbin served for a decade on the Board of the Reserve Bank of Australia until July 2011. He was awarded the Centenary medal in 2003 'For Service to Australian Society through Economic Policy and Tertiary Education' and made an Officer of the Order of Australia in 2016.

Professor McKibbin is internationally renowned for his contributions to global economic modelling. Professor McKibbin has published more than 200 academic papers and has authored or edited 5 books. He has been a consultant for many international agencies and a range of governments on issues of macroeconomic policy, international trade and finance, greenhouse policy issues, global demographic change, and the economic cost of pandemics.

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