Who is Mark Carney? - The new Canadian Prime Minister, without a political past
Mark Carney, who will soon become Canada's new prime minister, has served as central banker twice and battled economic crises. Now he will face his biggest challenge yet: steering Canada through Donald Trump's tariffs.
The Liberals announced Carney as Justin Trudeau's successor on Sunday after party members voted in a nominating contest. Trudeau resigned in January, facing low support after nearly a decade in office.
The 59-year-old is a man who has never held political office, which in normal times would have doomed his candidacy in Canada. But his distance from Trudeau and a high-profile banking career played to his advantage, and Carney argues that he is the only person prepared to take on Trump.
"I know how to manage crises ... in a situation like this, you need experience in terms of crisis management, you need negotiation skills," he said during a leadership debate late last month.
Born in Fort Smith in the remote Northwest Territories and educated at Harvard University, Carney will be the first person to become Canadian prime minister without having been a legislator or having any cabinet experience.
According to him, Canada must fight Trump's tariffs "tooth for tooth" and diversify trade relations in the medium term.
In the upcoming elections, which are due by October 20, the liberals will face the conservatives of the official opposition, whose leader Pierre Poilievre is a career politician with little international exposure.
In contrast, Carney spent 13 years at Goldman Sachs before being appointed deputy governor of the Bank of Canada in 2003. He left in November 2004 for a senior post in the finance ministry and returned to become governor of the central bank in 2008 at the age of 42.
Carney won praise for his handling of the financial crisis, when he created new emergency lending facilities and gave extremely clear instructions on keeping rates at record low levels for a specified period of time.
The Bank of England was impressed enough to bring him on board in 2013, making him the first non-British governor in the central bank's three-century history and the first person to ever head two G7 central banks.
Carney, however, had a challenging time, forced to deal with zero inflation and the political chaos of Brexit. He struggled to implement his interest rate policy.
When sterling fell in the hours after the Brexit referendum result in 2016, Carney gave a televised speech to reassure markets that the bank would open the liquidity taps if needed. But he angered Brexit supporters by talking about the economic damage that leaving the European Union could cause.
From 2011 to 2018, Carney also headed the Financial Stability Board, which coordinates financial regulation for the Group of 20 economies.
After leaving the Bank of England in 2020, Carney served as the United Nations envoy for finance and climate change.
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