Governor of the Bank of Canada and that of England at critical moments. In both cases, he managed to get out. It’s about Mark Carny And now he faces another challenge after becoming the successor of Justin Trudeau at the head of the Liberal Party this Sunday, and therefore, in the future Canadian Prime Minister. It arrives with two main objectives: to forget its predecessor and face the threat of a hostile neighbor called Donald Trump.
After winning the leadership of the ruling formation, Carney declared that he felt that everything he has lived so far has prepared for this critical moment in the history of the country. Faced with a crowd, Trudeau has recognized that “this is a decisive moment for the nation”, so “their country needs them now more than ever.” In that line has promised that “Liberals will live up to this moment “.
Carney was born 59 years ago in a remote city of the northwest end of Canada, Fort Smith, although it grew in the city of Edmonton, the country’s oil capital. In 1988 he graduated at Harvard University (USA) in Economics and in 1993 he finished his master’s degree at the University of Oxford (United Kingdom), where he also got his doctorate two years later.
Carney, the youngest governor from a central bank of G7 and even G20
He subsequently worked at the Goldman Sachs firm. But his name only began to be known among the Canadians when in February 2008 he assumed the position of governor of the Bank of Canada, to the beginning of the great financial crisis which first caused serious damage to the United States and subsequently dissoleted economies in Europe.
“Americans should not be wrong because in commerce, as in hockey, Canada will win,”
Carney, then the youngest governor of a central bank of the G7 and even of the G20, took decisive actions that the majority of experts considered allowed to Canada dodged the worst effects of the financial crisis global. Craig Wright, the then chief economist of the Royal Bank of Canada, the country’s main private financial institution, praised its approaches.
“When you observe part of the creativity that is now being copied in some parts of the world, such as its future orientation and their work in financial stability, it would be difficult to find many central bankers who have done a better job,” Wright said. In 2013 Carney left the Bank of Canada to take care of the Bank of England until 2020, which forced him to confront from the British Central Bank both to the traumatic Brexit as the beginning of the pandemic of COVID-19.
Again, his work in times of unprecedented crisis was praised and after leaving the Bank of England, Carney was appointed president of the Brookfiled Administration Board of Administration Asset Management, one of the largest alternative investments firms in the world, in addition to special envoy of the UN For climate action and finance. But by then, he was already preparing his return to Canada by the hand of the Liberal Party of Trudeau.
Back to politics to make Trudeau forget
For months, it was an open secret that Trudeau wanted Carney to take care of the finance portfolio. The plans of Trudeau began to be crazy in 2024with its collapse in the surveys, caused by the negative effects of one of its main policies, the rapid arrival in the country of millions of immigrants in a few years. The lace was given by the unexpected resignation in December of the right hand of Trudeau, Chrystia Freeland, until then Vice Prime Minister and Minister of Finance, attacking government policies.
The internal revolt pushed Trudeau to announce in January that would resign as liberal leader and prime minister. Carney, supported by much of the game, took the opportunity to step forward. Now, as leader of the Liberal Party, it will become the next few days and automatically in the Canadian Prime Minister to the General Elections, which could be summoned in April.
It arrives between Trump threats
Again, Carney arrives in the middle of an unprecedented crisis for the Canadian economy and sovereignty. The tariffs that the United States has imposed on Canada threatens to cause a serious recession in the country. And the annexation threats Donald Trump have ceased to be a joke. Carney has declared that he is the appropriate person for the challenge. “In a situation like this, experience in the term of crisis management is needed, negotiation capacities are needed,” he said.
On Sunday, after winning the leadership of the Liberal Party, Carney made it clear that he arrives willing to face Trump. Using an analogy of national sport, ice hockey, Carney warned that the country faces “the greatest crisis” in generations, from which it intends to get out.
“We don’t look for this fight. But Canadians are always readyS When someone takes off their gloves. So Americans should not be wrong because in commerce, as in the hockey, Canada will win, “said the new Canadian leader.” Canada will never be part of the United States, in any way, “he said.
Regarding the commercial war, Carney has promised that his government will maintain tariffs imposed on the administration of the Republican “until Americans show us respect.” In fact, in his acceptance speech, he has detailed that everything collected through tariffs will be used to help workers, after last Tuesday announced the application of New rates at about 300,000 million Canadian dollars (just over 192.2 billion euros) of goods imported from the US.
Source: Lasexta
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