Mark Carney becomes the first non-Briton to be appointed as Governor of the Bank of England.
Canadian economist Mark Carney is the man chosen to take over the Bank of England’s top job, replacing Sir Mervyn King on July 1 2013.
Carney also serves as chairman of the G20’s Financial Stability Board. His career began with a 13-year stint at Goldman Sachs, before he moved to the Canadian Department of Finance, also serving as Governor of the Bank of Canada between 2008 and 2013.
Carney’s tactful navigation of Canada’s finances through the financial crisis does not go unnoticed, and his actions as Governor are heralded as helping the country recover at a rate that few predicted would be possible. Canada’s economy outperforms each of its peers among the G7 nations during the financial crisis, while Canada’s GDP is also the first among G7 nations to return to pre-crisis levels.
Assuming the Bank of England role, Carney’s remit is expanded when compared with his predecessor, with the ability to set bank capital requirements an example of this.