The Bank of Canada has appointed Paul Beaudry deputy governor, effective Feb. 18, 2019, the central bank announced Tuesday.

Beaudry, professor of  economics professor at the Vancouver School of Economics, University of British Columbia, replaces Sylvain Leduc, who left the bank in July.

Beaudry will join the bank’s policy-setting governing council, which will announce its next interest rate announcement on Dec. 5.

He will also share responsibility for overseeing the bank’s financial system activities with deputy governor Lynn Patterson.

“I am delighted that Paul Beaudry is joining the bank’s governing council,” says Stephen Poloz, governor of the Bank of Canada. “He is a world-renowned scholar and is already well-known and respected by his fellow deputy governors. The breadth of Paul’s experience, research and expertise will be invaluable as the bank continues to fulfill its mandate to promote the economic and financial welfare of Canada.”

Beaudry has a bachelor’s degree in economics from Laval University, a master’s from UBC, and a PhD from Princeton University.