Bank of Canada Governor Mark Carney, credited for steering the country’s monetary policy through the recession, is leaving his post to head the Bank of England.
“This is an incredibly deep, strong institution,” Carney told reporters as he praised the bank he was leaving. “The Bank of Canada will continue to serve Canadians and continue to provide the excellence Canadian expect and merit the confidence Canadians have in the bank.”
Finance Minister Jim Flaherty said he was pleased to see Carney take on new responsibilities but said the governor will be missed.
“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,” said Flaherty. “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.”
Carney and Flaherty worked closely to deal with the recent recession and turmoil in financial markets. Carney was appointed the eighth governor of the Bank of Canada in February 2008. Carney will stay on at Canada's central bank until June 1 and move to his new job on July 1.
“This is a critical time for the British, European and global economies. It’s a decisive period for reform of the global financial system and its leading financial centre in the city of London,” he said.