Mark Carney Appointed as Governor of Bank of England

This article was last updated on April 16, 2022

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The governor of Bank of Canada, Mark Carney, is going to assume the office of governor of the Bank of England, announced the Finance Minister of Canada, Jim Flaherty, on Monday morning. Flaherty declared that Carney’s advice had “kept Canada strong,” giving reference to the fact that Canada has the best record for fiscal stability in the G7.

Highlighting the unusualness of appointment, Flaherty shared that this is the first time ever that a foreign national will become the governor of the Bank of England. Carney is scheduled to keep working as the governor of the Bank of Canada until June, after which he will assume the office of his new job as the governor of Bank of England on July 1.

Carney asserted that he and Flaherty had a very beneficial partnership and that he will definitely miss the companionship and clear sense of purpose he experienced with the Finance Minister. He admired the strengths of the central bank and displayed his confidence in it. Flaherty admitted smilingly, that this is a “bittersweet” moment for him and his office as Canada will bear the loss of Carney.

This announcement confirms the rumors published last spring, about the appointment to the Bank of England, which both Carney and the Bank of Canada denied at the time. Carney shared that “I’m totally focused on my two responsibilities: as governor of the Bank of Canada, and the Financial Stability Board.” Carney asserted that “I can assure you they add up to more than every waking hour of the day.”