Finance Minister Jim Flaherty has just announced that Mark Carney has been appointed Governor of the Bank of England.
The Honourable Jim Flaherty, Minister of Finance, today announced that Mark Carney, current Governor of the Bank of Canada, has been appointed as Governor of the Bank of England effective July 1, 2013.
“On behalf of the Government and all Canadians, I would like to thank Governor Carney for his work at the Bank of Canada and offer my best wishes in his future role at the Bank of England,” said Minister Flaherty. “This appointment, which marks the first time a foreign national has headed the Bank of England, is another strong example that Canada’s monetary and fiscal systems serve as models to the world. While other countries have faced significant turbulence, our financial system has consistently been ranked as the soundest in the world.”
Carney, whose term as Governor began February 1, 2008, had previously served as Senior Associate Deputy Minister of Finance and G-7 Deputy of Canada. He was also recently named chair of the Financial Stability Board. “As Minister of Finance, I appreciate the guidance Governor Carney has provided in recent years, in fulfilling the Bank’s mandate of maintaining the stability of our monetary system and controlling inflation,” noted Minister Flaherty.
The usual practice for selection and appointment of the Governor of the Bank of Canada will be followed. The Board of Directors of the Bank of Canada will shortly form a special committee comprised of independent directors whose mandate will be to undertake a recruitment process for the selection of the next Governor. Governors of the Bank of Canada are recommended by the independent directors, and appointed by the Minister of Finance and the federal cabinet.
And here is the official announcement from the Bank of Canada.
The Bank of Canada announced that Her Majesty the Queen has approved the appointment of Mark Carney as Governor of the Bank of England effective 1 July 2013. He will serve a five-year term.
Governor Carney will continue to serve in his current position until 1 June to ensure a smooth transition to the next Governor of the Bank of Canada. The Governor will remain Chair of the Financial Stability Board.
Governor Carney said: “I am honoured to accept this important and demanding role, and to succeed Sir Mervyn King with whom I have worked closely over these past five years and from whom I learned so much.
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 centre, the City of London; and a crucial point in the Bank of England’s history as it accepts vital new responsibilities.”
“It has been a privilege to serve as the eighth Governor of the Bank of Canada. I am proud of the Bank’s contribution to the resilience of the Canadian economy throughout an unprecedented period of global turmoil. The Bank is helping to lead the reform of the global financial system. It is introducing the most sophisticated currency in the world. And as the Government of Canada’s fiscal agent, it is providing funds management and banking services with the highest reliability and resiliency.”
“Canadians can be confident that such leadership will continue. The depth and quality of its human resources, the dedication of its employees and the clarity of its strategic vision will ensure that the Bank will continue to promote the economic and financial welfare of all Canadians.”
“I would like to thank the Board of Directors of the Bank of Canada, Minister Flaherty and Prime Minister Harper for having given me this opportunity to serve Canada. I have done so to the best of my abilities and am humbled by the support I have received from both my colleagues at the Bank and from Canadians across this great country.”
The Board of Directors will shortly form a Special Committee comprised of independent directors whose mandate will be to undertake a recruitment process for the selection of the next Governor. Governors of the Bank of Canada are appointed by the independent directors, subject to the approval of the Minister of Finance and the federal Cabinet.