Charlie Bean, who has responsibility for monetary policy, was speaking to students as the guest of Teesside University Business School.
Professor Bean, who is due to retire this summer, joined the Bank of England in 2000, becoming Deputy Governor five years ago.
The former academic at the London School of Economics, who spent time as a student at the Massachusetts Institute of Technology (MIT), spoke to students and staff about his role and the work of the Bank’s Monetary Policy Committee.
He also answered questions on how policy can affect businesses and some of the challenges still faced by the recovering UK economy.
Alastair Thomson, Dean of Teesside University Business School, said: 'Events such as this provide our students which an opportunity to engage with key leaders. This visit by Charlie Bean enabled students to gain a first-hand and insightful perspective of the key issues for the UK economy.'
Before visiting the University, Professor Bean also addressed the bosses of some of the region’s largest businesses at the North East Chamber of Commerce’s President’s Club in County Durham.