The Globe and Mail reports in its Friday edition that the Bank of Canada is revamping its fourth deputy governor role in an effort to bring "fresh and diverse perspectives" to its governing council, seeking out an external candidate to help set monetary policy on a part-time basis. A Canadian Press dispatch to The Globe reports that the new deputy governor will join the BOC's six-person governing council, which is responsible for setting interest rates. The BOC on Thursday launched the process to find a replacement for deputy governor Timothy Lane, whose Sept. 16 retirement was announced in June. No time frame was given for finding a new hire. The new deputy governor will be hired on a two-year contract, with an option for a third, and will work 50 to 70 per cent of full-time hours. Mr. Lane, by contrast, worked full-time for the BOC in the role for more than 12 years. The change comes as the BOC is facing rising public criticism after it misjudged inflation and was seen as having acted too slowly to respond to fast-rising prices, forcing it to then hike interest rates sharply to catch up. "It's vital that we as an organization constantly adapt and evolve," Governor Tiff Macklem said in a statement.