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Bessma Momani


The Bank of England Is Lucky to Have Carney

Posted: 11/26/2012 5:01 pm

Mark Carney has accepted a position as the Governor of the Bank of England effective next July. The move had been rumoured in the Financial Times in April this year, and many commentators had thought it was perhaps far-fetched, considering the fact that Carney is not a citizen of the U.K. or any European country.

Nevertheless, this is a boon for the Bank of England. Mark Carney is an unusual breed of central bankers. People point to his youth, but it is his strong private sector experience with great determination to protect the public good of international financial stability that sets him apart. This was most visible at the International Monetary Fund's (IMF) annual meetings in September 2011, when Carney and Jamie Dimon, President and CEO of JP Morgan, had a heated exchange about the merits of enhanced regulation of the financial industry. Carney stood his ground and was vindicated when Dimon attacked Carney's stance on increased financial regulation, arguing this would potentially hinder economic recovery.

Carney, unlike a lot of people in his position, has a real understanding of the international financial system from all sides. His private and public sector experience is not necessarily unique, but he has often been pointed out as one of the few people in the international financial community that simply "gets how it works." The truth is, this is a complex and multilayered system that most experts only understand small segments of. Carney, unlike most industry insiders, actually gets how the pieces fit together. No wonder that in 2011 he was chosen to lead the Financial Stability Board, which serves to monitor and assess the financial linkages that bind our complex system together.

The Bank of England needs a man like Mark Carney. With its close proximity to the City of London, one of the strongest financial centres of the world and a gateway to European financial nodes, his expertise is understandably in high demand. All those who know Mark Carney, know he is an ambitious and intelligent man, so it is no surprise that this move has happened. Our Canadian economy has immensely benefited from his tenure at the Bank of Canada, and the Bank of England is now fortunate to have him.

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  • K Harazny

    Canada losing Bank of Canada governor Mark Carney to the Bank of England is a huge loss for our country.

  • Melton Blue

    George Osborne appoints Mark Carney to become the Governor of The Bank of England. Canada has done well under his stewardship.

  • William Cameron

    Mark Carney sounds like a good choice as next #BoE Governor and he has in addition the great advantage of not being Adair Turner.

  • Andrew Turmer

    Good luck to Mark Carney as the new BoE Governor. We can all forget about him never wanting the job.

  • Alex Ward

    If Queen on CN $, Carney gets visa. MT @gideonrachman: Mark Carney a great choice for Bank of England. Will the Home Office give him a visa?

  • Joel Taylor

    Well Mark carney speaks fluent French like a good Canadian should. Might help with relations with our European partners perhaps?.......

  • Tobias Ellwood

    Wise choice for new Bank of Eng Governor: Mark Carney. Unfamiliar, indeed rare mood in Chamber with whole House welcoming the appointment!

  • Derek Brower

    They noticed Canada's household debt levels when they appointed Mark Carney, right?

  • John Shmuel

    Mark Carney: "We have a good record here, a record of success in our financial system."

  • Leevan Aden

    Mark Carney did get his masters and doctorate in economics at Oxford after all.

  • Julianne Bowman

    Canadian Mark Carney to head up Bank of England! Well, staple me to a maple tree. #darkhorse

  • Robert Benzie

    Difficult day for Finance Minister Jim Flaherty, who is close to both @TOMayorFord and Mark Carney. #cdnpoli #onpoli #topoli

  • Andy Bruce

    Small list forming of Goldman alumni at Europe's big 2 central banks. Carney & Broadbent at BoE, obviously Draghi at ECB.

  • emily jackson

    Carney leaving? Ford thrown out of office? Just some casual news for us to wake up to in the west. AIIIEEE. #TOpoli #cdnpoli

  • David R Silva

    "He is acknowledged as the outstanding central banker of his generation," Osborne said of Carney. http://t.co/MmHJCLpP

  • Claire Schachter

    .@bankofcanada's Mark Carney dodges the Liberal leadership bullet and lands on the other side of the pond with style.

  • Ian Muller

    Carney leaving is a tough loss for Canada, but a significant validation of the Canadian central banking system #cdnpoli

  • Mantejd

    New BoE gov Mark Carney speaks in clear plain language! Understood exactly what he was saying on the @BBCnewschannel at his presser.

  • Luke Skipper

    "Canada was better than any other western economy during the crisis" Chancellor of the Exchequer #BoE #Carney #Ialwayshadfaith

  • Shirlee Engel

    NDP wishes Carney good luck for the future. Will watch closely who will be chosen. "Big shoes to fill" #cdnpoli