Canadian central bank governor given top Bank of England role

27 Nov, 2012

Mark Carney, the governor of the Canadian central bank has been named as the person to take over the same role for the Bank of England next year.

 

Carney comes from a country whose banking system was virtually unscathed during the financial crisis and has been acclaimed as a positive choice for the Bank of England.

 

He will serve for five years and will hold new regulatory powers over banks, starting his new role in June 2013 when the current governor, Sir Mervyn King, relinquishes his role.

 

According to the BBC, Sir Mervyn has said that Mr Carney represents ‘a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me’. Chancellor George Osborne echoed his positive sentiments, telling Parliament that Carney’s appointment would bring the ‘strong leadership and external experience the Bank needs’.

 

The UK and other countries marred by the financial crisis could do worse than look to Canada for inspiration; the World Economic Forum ranked Canadian banks as the soundest in the world, with many authorities on the subject citing the strong and robust regulatory system surrounding the financial sector as the reason why.

 

According to the BBC, Carney has commented that he is ‘honoured to accept this important and demanding role’ at a ‘critical time for the British, European and global economies’.

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