VANCOUVER, British Columbia — Mark Carney, who made history as the first non-British governor of the Bank of England since its establishment in 1694, has announced his candidacy for the position of Canada’s next prime minister following Justin Trudeau’s resignation.
Trudeau will remain in the role until a new leader for the Liberal Party is determined on March 9.
At 59, Carney is an accomplished economist with a wealth of experience on Wall Street. He is recognized for his pivotal role in steering Canada clear of the severe repercussions of the 2008 financial crisis while he served as the central bank’s governor. He also managed challenges posed by Brexit during his seven-year term with the Bank of England.
“The prime minister and his team have often diverted their focus from the economy,” Carney commented during a speech in Edmonton, Alberta, emphasizing his intent to remain vigilant.
The leading candidates vying for the Liberal leadership include Carney and former Finance Minister Chrystia Freeland, whose sudden resignation last month led to Trudeau leaving his post.
The successor to the Liberal Party leadership might become the shortest-serving prime minister in Canada’s history. Upon the parliamentary session resuming on March 24, all three opposition parties have committed to unseating the Liberals’ minority government in a no-confidence vote, with an election anticipated in the upcoming spring.
Carney acknowledged that the Liberals are “considerably behind” but expressed confidence in his ability to secure victory in the general election.
Trudeau declared his resignation on January 6 amidst growing discontent both within his party and the broader Canadian populace.
Carney took the opportunity to launch a critique against Conservative leader Pierre Poilievre, noting that polls indicate a significant lead for him over the Liberals.
He further underlined the risks posed by President-elect Donald Trump, who has indicated that Canada should become the 51st state and has proposed imposing 25% tariffs on Canadian goods.
“This is not a time for career politicians like Pierre Poilievre,” he declared. “Dispatching Poilievre to negotiate with Donald Trump would be the worst strategic decision imaginable.”
During a news conference in Vancouver earlier, Poilievre collectively criticized Trudeau, Carney, and Freeland.
The Conservative party appeared prepared for Carney’s announcement, swiftly releasing a new digital advertisement branding him “carbon tax Carney,” referencing his past support for carbon pricing initiatives.
“Mark Carney is returning from Europe to continue the legacy of Justin Trudeau,” the ad asserted, suggesting he would replicate Trudeau’s policies if elected.
A cornerstone of Poilievre’s platform involves abolishing the carbon tax that the Trudeau administration introduced to impose charges based on carbon emissions from fuels like gasoline.
Carney remarked that should the carbon tax be revoked, it must be supplanted with an alternative that is “at least as effective,” aiming to simultaneously lower greenhouse gas emissions, enhance the competitiveness of Canadian businesses, and generate employment.
An associate close to Freeland indicated she would eliminate the consumer carbon tax instead of placing the financial burden on major polluters. This statement was shared on the condition of anonymity prior to her public announcement.
Coming from Edmonton, Carney received widespread bipartisan acclaim when he became the first foreigner to lead the Bank of England.
“I have managed several crises and have supported the salvation of two economies,” Carney stated. “I possess a sound understanding of business dynamics and know how to make them work to your advantage.”
In recent times, Carney has held the role of the U.N.’s special envoy for climate change and spearheaded an alliance of global financial institutions advocating for carbon reduction initiatives. He has long endorsed the principle that corporate accountability for environmental impacts is the key starting point in combating greenhouse gas emissions.
During his tenure at Canada’s central bank, Carney was recognized for ensuring financial stability by swiftly lowering interest rates to a historically low 1%, collaborating with Canadian banks to maintain lending, and crucially, conveying to the public that low rates would persist, thereby encouraging further borrowing.
He was the inaugural central banker to promise a sustained period of low interest rates, a move later emulated by the U.S. Federal Reserve.
Like many central bankers, Carney has a background as a former Goldman Sachs executive, spending 13 years in diverse cities including London, Tokyo, New York, and Toronto before ascending to the position of deputy governor of the Bank of Canada in 2003. He brings both financial sector and governmental experience to the table.
Although Carney has harbored aspirations of entering politics and becoming prime minister, he previously lacked political experience. The Liberal Party has endeavored to recruit him for several years.
“Transitioning to politics is a vastly different endeavor compared to serving as a policy advisor or central banker,” commented Daniel Béland, a political science professor at McGill University in Montreal.
