Bank of Canada Head Carney to Take Over Bank of England

PARLIAMENT HILL, Ottawa—Bank of Canada Governor Mark Carney will leave Canada to take over England’s central bank, he announced Monday morning with Finance Minister Jim Flaherty by his side.

The move comes as a surprise, raising questions why the Brits didn’t find a national to take the job, though Carney appears to have cross-party support in England, according to the Twitter feeds of MPs there.

“Pretty much universal welcome in Commons for announcement that Mark Carney is to be new Governor of Bank of England,” tweeted Pat McFadden, a U.K. Labour MP.

Carney will leave his post with the Bank of Canada 18 months early to assume his new role, but said he is confident the Bank of Canada has the means to replace him.

He said he would not have taken the job if he wasn’t certain Canada’s central bank had a strong cadre of managers and potential successors to take on the job of governor.

Canada’s central bank is in good shape, Carney noted. “The system here is strong and we’ve made it stronger.”

When asked why he would go to England rather than do the same job in Canada, Carney joked that sooner or later he had to leave. Then, on a more serious note, he said the new role would be a major challenge and important to the global economy.

“This is a critical time for the British, European and global economies; a decisive period for reform of the global financial system including its leading financial centre, the City of London; and a crucial point in the Bank of England’s history as it accepts vital new responsibilities,” Carney said in a Bank of Canada press release.

Flaherty said it was bittersweet news, but he wished Carney well in his new role.

“I have no doubt that he will do a brilliant job in his next post,” Flaherty said.

The Epoch Times publishes in 35 countries and in 19 languages. Subscribe to our e-newsletter.