With Canada’s economy facing its deepest recession since the second world war, the government has turned to a Bank of Canada veteran who helped steer the country through the 2008 financial crisis to navigate the pandemic as its new central bank chief.

On Friday Bill Morneau, Canada’s finance minister, announced Tiff Macklem, the former senior deputy governor, will replace Stephen Poloz, the Bank of Canada’s current boss, when his seven-year term ends on June 2.

Mr Macklem, 59, is a veteran of the bank who began his career there in 1984. As the number two to former governor Mark Carney, he played a key role in the bank’s response to the global financial crisis.