Mark Carney: The rock star of bankers who want to be Prime Minister of Canada

Mark Carney, who has said that he is considering running to replace Justin Tridot as Prime Minister of Canada, has served as Governor of the Bank of England for seven years and previously of the Bank of Canada. Carney was placed in 2013 by Britain’s then finance minister, George Osborne, at the Bank of England, at the time he was known under the unlikely nickname the “rock star central banker”. She remains an influential figure in the world economic scene and Rachel. Reeves welcomed his support at the Labour conference of 2023, as the party was trying to present itself as financially reliable. Carney called Reeves a “serious economist” who “understands the finances of work, place and family”. Carney arrived in London in 2013 determined to bring changes to the old-fashioned Bank. It introduced multilateral banknotes and a new approach to communication, known as “progressive guidance”, which was intended to give investors a clearer idea of the direction of interest rates.

The first innovation proved more directly successful than the second. After the Bank was considered to send mixed interest rates messages, Carney was accused of being a “untrustworthy friend” by Labour MP Pat McFadden, then a member of the Finance Ministry’s elite committee, now a strong minister.

Carney was also involved in the controversial debate on Brexit, repeatedly warning about the risks to the economy of leaving the EU, leading to accusations that he had politicised the independent Bank.

In this case, the economy avoided the recession in the wake of the unexpected vote in favour of Brexit in June 2016, partly assisted by the Bank’s response, which included a reduction in interest rates and stimulating the bond purchase program, known as quantitative relaxation, Guardian wrote.

Carney began his banking career with 13 years in American Goldman Sachs before taking charge of Canada’s central bank in 2007.

Since leaving the Bank of England, he continued to write and work in a field he stressed as commander: the need for financial markets to cover the risks of the climate crisis. In a much-discussed 2015 speech, he warned that efforts to deal with global warming are at stake by “the tragedy of the horizon”, namely the inability of politicians and markets to see beyond the years to come.

In his book Value(s) of 2021, entitled “An Economist’s Guide to Everything That Matters” (Economy manual for what is important) Carney expanded the idea and attacked financial capitalism more widely because he does not listen to the needs of society. Now, 59 years old, Carney is president of the Canadian investment firm Brookfield Asset Management, which has managed $1 trillion. Since 2023 he is also president of Bloomberg’s board of directors.

Carney has repeatedly been cited as a possible successor to Tridot, who announced his resignation Monday. If he did win the leadership, he would face a tough election battle. The former central banker, who has four daughters, told Financial Times that “he will consider this decision closely with my family in the following days”.