Canada's Mark Carney to lead the Bank of England
November 26, 2012
Mark Carney, Canada's top banker, recently announced that he will be moving across the pond, to become the Bank of England's new governor, according to the CTV News. Finance Minister Jim Flaherty explained that Carney will keep his role until June 1, 2013, and then transition to the head of Bank of England.
Carney first got into his current role in February 2008, and has been praised for helping Canada deal with the global recession by securing financial regulations as well as talking about debt without holding back, according to the news source.
"I appreciate the work he has done and the advice he has given to keep Canada's economy strong, protect Canadian jobs and maintain the stability of our monetary system," Flaherty told the news source. "Canada's economic and fiscal resilience during this period has been the strongest in the G7 and the envy of many in the international community."
According to the Montreal Gazette, Carney also serves as the chairman for the international Financial Stability Board along with a number of other positions, which he will keep for the most part throughout the transition.
Carney, 47, graduated with a bachelor's degree in economics from Harvard University and he went out to get his master's and a doctorate in economics from Oxford University. Before taking on public service, he worked 13 years with Goldman Sachs in its offices in London, Tokyo, New York and Toronto, according to the publication.
It is believed that the appointment of Carney comes at a great and necessary time for England, and he is pleased with the reception he has received after announcing the new appointment and move, the media outlet reports.
"I've served to the best of my abilities, and I'm humbled by the support I've received,” Carney said during a press conference in Ottawa, the news source reports. "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 center, the City of London; and a crucial point in the Bank of England's history as it accepts vital new responsibilities."
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