Mark Carney

Last updated

Diana Fox
​
(m. 1994)​
[1]
Mark Carney
OC
Mark Carney.jpg
Carney in 2015
24th Prime Minister of Canada
Assuming office
March 14, 2025
Preceded by Kevin G. Lynch
Succeeded byMicheal Horgan
Children4
Education
Signature Signature of Mark Carney.svg
Website markcarney.ca OOjs UI icon edit-ltr-progressive.svg
Scientific career
Fields Economics
Thesis The dynamic advantage of competition  (1995)
Doctoral advisor Margaret A. Meyer

Mark Joseph Carney (born March 16, 1965) is a Canadian economist and politician who has been the Prime Minister-designate of Canada and leader of the Liberal Party since March 9, 2025. As the leader of the governing party, Carney is expected to succeed Justin Trudeau as the 24th and next prime minister of Canada on March 14, 2025. He previously served as the 8th governor of the Bank of Canada from 2008 to 2013 and the 120th governor of the Bank of England from 2013 to 2020.

Contents

Carney was born in Fort Smith, Northwest Territories, and raised in Edmonton, Alberta. He graduated with a bachelor's degree in economics from Harvard University in 1988, going on to study at the University of Oxford, where he earned a master's degree in 1993 and a doctorate in 1995. He held various roles at Goldman Sachs before joining the Bank of Canada as a deputy governor in 2003. In 2004, he was named as senior associate deputy minister for the Department of Finance Canada. In 2007, Carney was named Governor of the Bank of Canada, where he was responsible for Canadian monetary policy during the global financial crisis. He led the Canadian central bank until 2013, when he was appointed as Governor of the Bank of England, where he led the British central bank's response to Brexit and the early phase of the COVID-19 pandemic.

After leaving central banking, Carney served as chair and head of impact investing at Brookfield Asset Management and as chair of the board of directors for Bloomberg L.P. [2] He was also appointed the United Nations Special Envoy for climate action and finance. [3] [4] Carney also worked as one of many informal advisors to Canadian Prime Minister Justin Trudeau during the COVID-19 pandemic and was made chair of the Liberal Party's economic growth taskforce in September 2024. In early 2025, he announced his intention to seek the leadership of the Liberal Party of Canada, winning a landslide victory in March.

Early life and education

Carney was born on March 16, 1965, in Fort Smith, Northwest Territories; [5] [6] he is the son of Verlie Margaret (née Kemper), a stay-at-home mother, and Robert James Martin Carney, a high school principal. [7] [8] [9] [10] Three of his four grandparents were Irish, from Aughagower in County Mayo. [11] [12] When Carney was six, his family moved to Edmonton, Alberta. [6] His father was the Liberal candidate for Edmonton South in the 1980 Canadian federal election, placing second. [13] His mother returned to university to pursue a career in education when Carney was ten. [7] He has three siblings — an older brother and sister, Seán and Brenda, and a younger brother Brian. [6] [10]

Carney attended St. Francis Xavier High School, [14] before studying at Harvard University on a partial scholarship and financial aid. [6] [7] [15] During his Harvard years, he was backup goalie for the varsity ice hockey team [16] and was a roommate of future NHL general manager Peter Chiarelli and former ice hockey player Mark Benning. [17] [18] He graduated in 1988 with a bachelor's degree with high honours in economics. [6] He then undertook postgraduate studies at the University of Oxford at St Peter's College and Nuffield College, where he received Master of Philosophy (MPhil) and Doctor of Philosophy (DPhil) degrees in the economics in 1993 and 1995, respectively. [15] [19] His master's thesis was titled "Competitive advantage and the advantage of competition: a theoretical analysis of national champions, learning-by-doing and spillovers", [20] and his doctoral thesis was titled "The dynamic advantage of competition". [21] His doctoral supervisor was Margaret Meyer. [22] He was co-captain of the Oxford University Ice Hockey Club alongside fellow Canadian David Lametti. [23]

Financial career

Carney spent 13 years at Goldman Sachs [24] and worked in their Boston, London, New York City, Tokyo, and Toronto offices. [25] His progressively more senior positions included co-head of sovereign risk, executive director for emerging debt capital markets, and managing director for investment banking. He worked on South Africa's post-apartheid venture into international bond markets, and was involved in Goldman's work with the 1998 Russian financial crisis. [6]

In 2003, Carney left Goldman Sachs to join the Bank of Canada as a deputy governor. [26] One year later, he was recruited to join the Department of Finance Canada as senior associate deputy minister, beginning that role on November 15, 2004. [27]

From November 2004 to October 2007, Carney was the senior associate deputy minister and G7 deputy in the Department of Finance Canada. He served under two finance ministers: Ralph Goodale, a Liberal; and Jim Flaherty, a Conservative. During this time Carney oversaw the Government of Canada's controversial plan to tax income trusts at source. [28] Carney was also the lead on the federal government's profitable sale of its 19 percent stake in Petro-Canada. [17] [29]

Governor of the Bank of Canada (2008–2013)

In October 2007, Carney was appointed Governor of the Bank of Canada. [30] He immediately left his position at the Department of Finance to become an advisor to the outgoing governor, David Dodge, before formally assuming Dodge's position on February 1, 2008. [30] Carney was selected over Paul Jenkins, the senior deputy governor, who had been considered the front-runner to succeed Dodge. [31]

Carney took on this role at the beginning of the 2007 global financial crisis. At the time of his appointment, Carney was the youngest central bank governor among the G8 and G20. [32]

Financial crisis

Carney's actions as Governor of the Bank of Canada are said to have played a major role in helping Canada avoid the worst impacts of the financial crisis. [33] [34]

Carney, then governor of the Bank of Canada, stands in the back row of with other central bank governors during a G7 finance ministerial summit G7 Finance ministers.jpg
Carney, then governor of the Bank of Canada, stands in the back row of with other central bank governors during a G7 finance ministerial summit

The epoch-making feature of his tenure as Governor remains the decision to cut the overnight rate by 50 basis points in March 2008, only one month after his appointment. While the European Central Bank delivered a rate increase in July 2008, Carney anticipated the leveraged-loan crisis would trigger global contagion. When policy rates in Canada hit the effective lower bound, the central bank combated the crisis with the non-standard monetary tool "conditional commitment" in April 2009 to hold the policy rate for at least one year, in a boost to domestic credit conditions and market confidence. Output and employment began to recover from mid-2009, in part thanks to monetary stimulus. [35] The Canadian economy outperformed those of its G7 peers during the crisis, and Canada was the first G7 nation to have both its Gross Domestic Product (GDP) and employment recover to pre-crisis levels.[ citation needed ]

The Bank of Canada's decision to provide substantial additional liquidity to the Canadian financial system, [36] and its unusual step of announcing a commitment to keep interest rates at their lowest possible level for one year, [37] appear to have been significant contributors to Canada's weathering of the crisis. [38] [ page needed ]

Carney, then the governor of the Bank of Canada, speaks at the 2012 World Economic Forum's "Beyond Basel: Financial Institution Regulation" panel". Mark Carney - World Economic Forum Annual Meeting 2012.jpg
Carney, then the governor of the Bank of Canada, speaks at the 2012 World Economic Forum's "Beyond Basel: Financial Institution Regulation" panel".

The committment to ultra-low lending rates led to a spike in housing prices and household debt. [39] In April 2012, Carney acknowledged there were "issues in some segments of the housing market" and some properties in Canada were "probably overvalued" but he was not overly concerned. He stated low-interest rates were not to blame but the onus was on individuals who take out the loans, the banks, and the federal government's mortgage lending rules. [40] Before Carney left for the Bank of England, there were calls to raise rates as Canadians were holding record-level debt and the housing market was overheated. [41] [42] [43] [44] [45]

Canada's risk-averse fiscal and regulatory environment is also cited as a factor. In 2009 a Newsweek columnist wrote, "Canada has done more than survive this financial crisis. The country is positively thriving in it. Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize." [46]

Carney earned various accolades for his leadership during the financial crisis: he was named one of Financial Times 's "Fifty who will frame the way forward" [47] and of Time Magazine 's 2010 Time 100. [48] In May 2011, Reader's Digest named him "Editor's Choice for Most Trusted Canadian". [7]

In October 2012, Carney was named "Central Bank Governor of the Year 2012" by the editors of Euromoney magazine. [49]

In March 2025, former Prime Minister Stephen Harper stated Carney was not involved in the daily management of Canada's economy during the global recession, and Carney was "undermining former finance minister Jim Flaherty's legacy." [50] [51]

International organization memberships

Carney was chairman of the Bank for International Settlements' Committee on the Global Financial System from July 2010 until January 2012. [52]

Carney speaks on the global economic outlook at the 2013 World Economic Forum panel Mark Carney World Economic Forum 2013 (3).jpg
Carney speaks on the global economic outlook at the 2013 World Economic Forum panel

Carney was a member of the Group of Thirty, an international body of leading financiers and academics, and of the Foundation Board of the World Economic Forum. [53] [54] Carney attended the annual meetings of the Bilderberg Group in 2011, 2012 and 2019. [55] [56]

On November 4, 2011, Carney was named chairman of the Basel-based Financial Stability Board, which coordinates international financial regulatory authorities. [5] [57] In a statement, Carney credited his appointment to "the strong reputation of Canada's financial system and the leading role that Canada has played in helping to develop many of the most important international reforms". [58]

The three-year term was a part-time commitment, allowing Carney to complete his term at the Bank of Canada. While there had been no indication of his priorities as chairman, on the day of his appointment the Board published a list of 29 banks that were considered sufficiently large as to pose a risk to the global economy should they fail. [59] [60] At his first press conference as Chairman of the FSB in January 2012, Carney laid out his key priorities for the board. [61] Carney's term ended in 2018, while he was in his next post at the Bank of England. [57]

Governor of the Bank of England (2013–2020)

On November 26, 2012, Chancellor of the Exchequer George Osborne announced the appointment of Carney as Governor of the Bank of England. [62] He succeeded Sir Mervyn King on July 1, 2013. [63] He was the first non-Briton to be appointed to the role since the Bank of England was established in 1694.The Bank of England was given additional powers from 2013, such as the ability to set bank capital requirements. [64]

Carney, then the governor of the Bank of England, attends a bilateral meeting with Guido Sandleris, the president of the Central Bank of Argentina Reunion bilateral - Guido Sandleris y Mark Carney (44303351270).jpg
Carney, then the governor of the Bank of England, attends a bilateral meeting with Guido Sandleris, the president of the Central Bank of Argentina

Before taking up the post, Carney had already indicated disagreement with the Bank of England's Executive Director of Financial Stability Andy Haldane, specifically on leverage ratios and bank break-ups. He has been quoted as saying that Haldane does not have a "proper understanding of the facts" on bank regulation. [35] He was thought to have been offered a total pay package of about £624,000 ($844,000 USD) per year, approximately £100,000 ($135,000 USD) more per year than his predecessor. [63]

Shortly before Carney took up the post, the Bank of England took up the financial regulation duties after Financial Services Authority. Carney's changes to the Bank's operating procedures helped modernize the institution by making much more media appearances than predecessors, including controversial announcements during two referendums. [57] Carney implemented a policy called "forward guidance" in which the Bank would not raise interest rates if unemployment was above 7% to try and encourage business lending. [57] This policy, which contained many conditions, or, "caveats", would later be considered confusing and complicated. [65]

In May 2014, Carney warned the UK's heated housing market was the biggest risk to financial stability, and he was considering providing advice on the Help to Buy mortgage scheme, which some believed was contributing to housing inflation. [66] He stated UK housing prices and the lack of affordability of housing in the United Kingdom was due to limited supply, and noted twice as many homes were built in Canada than in the UK, although Canada had half the population. [67] (In 2013, 140,000 homes were built in the UK and 185,000 in Canada). [68] [69] Carney stated foreign cash buyers in the London market were beyond his control but he believed they did not pose a significant risk to the rest of the country. Carney assured the public the Bank was monitoring rising property prices and large-value mortgages to avoid debt overhang, destabilizing the economy. [70]

In 2014, Carney warned that if the Scottish independence referendum was successful, the new country would likely not be able to continue using the pound sterling without ceding some powers to the UK. [57]

In 2015, Carney changed the number of yearly interest rate meetings from 12 to eight and ordered minutes to be published during the announcements. [57]

Before the 2016 Brexit referendum, Carney warned that leaving the European Union could cause a recession. After the resignation of Prime Minister David Cameron, he made another public announcement shortly after the result supporting a departure, he announced that the financial system would operate normally to assuage public concerns. Afterwards, the Bank cut interest rates in half from 0.5% to 0.25% and restarted quantitative easing. At the start of the COVID-19 pandemic in the United Kingdom, as Carney was set to leave the governorship in March 2020, the Bank cut interest rates by 0.5% to protect against the pandemic's expected economic shocks. [57]

Post-governorships (2020–2024)

In 2020, Carney served as one of many informal advisors to Canadian Prime Minister Justin Trudeau in 2020, advising him on the government's COVID-19 economic response. [71] [72] [73] Carney reportedly advised Trudeau on Canada's response to the COVID-19 pandemic, with Trudeau looking to Carney to help Canada get out of its recession. [74] Due to this, Carney was speculated to potentially become Minister of Finance, and later, Canadian Prime Minister if Trudeau resigned. [75]

In October 2020, Carney was vice chairman at Brookfield Asset Management, where he led the firm's environmental, social and governance (ESG) and impact fund investment strategy. [76] [77] [78] [79] In February 2021, Carney retracted an earlier claim that the $600 billion Brookfield Asset Management portfolio was carbon neutral. He had based his claim on the fact that Brookfield has a large renewable energy portfolio and "all the avoided emissions that come with that". The claim was criticized as accounting tricks because avoided emissions do not counteract the emissions from investments in coal and other fossil fuels responsible for Brookfield's carbon footprint of about 5,200 metric tons of carbon dioxide. [80] [81] A week after being appointed as special advisor to Prime Minister Justin Trudeau, it was revealed that Brookfield Asset Management solicited the federal government for $10 billion in federal funds as part of $50 billion Canada-only asset fund. Carney did not need to follow standard ethical disclosures mandatory for prime ministerial advisors because he was employed by the Liberal Party rather than the Prime Minister's Office. [82] [83]

Carney on a panel at the COP26 alongside Canadian Prime Minister Justin Trudeau, managing director of the IMF Kristalina Georgieva, Director-General of the WTO Ngozi Okonjo-Iweala, and president of the European Commission Ursula von der Leyen Ursula von der Leyen attends the 2021 UN Climate Change Conference (18).jpg
Carney on a panel at the COP26 alongside Canadian Prime Minister Justin Trudeau, managing director of the IMF Kristalina Georgieva, Director-General of the WTO Ngozi Okonjo-Iweala, and president of the European Commission Ursula von der Leyen

In 2020, Carney launched the Taskforce on Scaling Voluntary Carbon Markets—an initiative to increase trading of voluntary carbon offsets— [84] with Bill Winters as Group Chief Executive. [85] The TSVCM is sponsored by the Institute of International Finance. [85] Taskforce members include more than "40 leaders from six continents with backgrounds across the carbon market value chain", including representatives from the Bank of America, BlackRock, Bloomberg's New Energy Finance, BNP Paribas, BP, Boeing, Goldman Sachs, Tata Steel, Total, IHS Markit, and LSE. [85] In a December 3, 2020 Financial Times article, Carney said that the voluntary global carbon offset market was an "imperative" to help reduce emissions. The Times article cited Carney saying London would likely host the "new pilot market for voluntary carbon offsets" that could be "set up" by December 2021. [84]

In February 2021, Carney joined the board of fintech company Stripe. [86] Carney helped launch the Glasgow Financial Alliance for Net Zero (GFANZ) at COP26 in Glasgow in November 2021. He acts as the group's Co-Chair. [87] Since 2022, Carney has also been an advisor to Watershed, a climate tech company founded by Stripe alumni that proposes to be "the platform companies need to succeed in the climate economy". [88] In August 2023, Carney was named by Michael Bloomberg as chair of the new board of directors for Bloomberg L.P. as part of a broader reshuffle of the company's leadership. [2] Carney became a special adviser and the chair of the Liberal task force on economic growth in September 2024. [89] [90]

Political beginnings

According to Carney, in 2012, Canadian Prime Minister Stephen Harper asked Carney—who was then governor of the Bank of Canada—if he would join the Conservative government as minister of finance. Carney declined, stating in a February 2025 interview with the CBC that he felt it "wasn't appropriate" for him to proceed with the offer because he felt it was not right to "go directly from being governor into elective politics." [91]

In the 2013 Liberal Party of Canada leadership election, there was speculation that Carney would run. He ultimately declined to do so. [92]

As he prepared to step down as governor of the Bank of England, Carney was appointed as United Nations special envoy for climate action and finance in March 2020. [93] In January 2020, UK Prime Minister Boris Johnson appointed Carney to the position of finance advisor for the UK presidency of the COP26 United Nations Climate Change conference in Glasgow. [94] At that time the conference was scheduled for November 2020, but it was later postponed to November 2021. [95]

Carney endorsed Catherine McKenney's candidacy for mayor of Ottawa in the 2022 mayoral election. [96]

In October 2023, he endorsed the UK Labour Party's Shadow Chancellor Rachel Reeves to be the next chancellor of the exchequer in a video following Reeves' speech at the Labour Party conference that year. [97] Following Labour winning the 2024 election, Carney was part of a taskforce which saw the creation of a British National Wealth Fund. [98]

On September 9, 2024, Carney was named by Justin Trudeau to chair the Liberal Party of Canada's leader's Task Force on Economic Growth. [99] His name was briefly mentioned upon the resignation of Chrystia Freeland as a possible candidate for finance minister in Trudeau's ministry. [100] [101] [102]

Leader of the Liberal Party

2025 leadership campaign

On January 16, 2025, Carney officially announced that he was running in the 2025 Liberal Party of Canada leadership election. [103] Carney also announced that he stepped down from all executive, board and advisory positions that he was part of in order to focus on his leadership campaign. [104] [105] By February 9, his campaign had raised more than $1.9 million in donations from over 11,000 people and received endorsements from 66 Liberal caucus members. [106] Carney won on the first ballot with over 85.9% of the vote, making him the leader of the Liberal Party. [107] [108] His margin of victory surpassed Justin Trudeau's 2013 margin, winning all 343 electoral districts. [107]

Prime Minister-designate of Canada (2025–present)

Carney was invited by the governor general of Canada to form a government after Justin Trudeau formally notified the governor general of his resignation. He will be sworn-in as the 24th prime minister of Canada on March 14, 2025 along with the 30th Canadian Ministry. [109] [110] Upon taking the oath of office, he will become the first Canadian prime minister born in any of the territories and the third born west of Ontario (after Joe Clark and Kim Campbell). Additionally, he will be the first to have never served in prior elected office, and the first since John Turner not to be sitting in the House of Commons at time of appointment. [111] [112] After becoming leader of the Liberal Party of Canada on March 9, 2025, it was reported that Carney will likely take office "in the next few days." [107] After meeting with Trudeau on March 10, Carney stated that the timing of the handover in power was discussed, and that the "transition will be seamless and it will be quick." [113]

Views

During the 2023 Global Progress Action Summit, Carney advocated for progressives to build "health care, infrastructure, schools, opportunity, sustainability and prosperity". [114] Carney was noted for using "masters of our own house"—in French, maîtres chez nous—a phrase associated with the Quiet Revolution. [115]

Economics

Wealth inequality

In 2011, Carney referred to the Occupy Wall Street protests as "entirely constructive", citing frustrations being felt "particularly in the United States" over inequality and increasing CEO-worker pay gaps. [116] In December 2016, Carney warned of the societal risk of "staggering wealth inequalities" in a Roscoe Lecture at Liverpool John Moores University: "The proportion of the wealth held by the richest 1% of Americans increased from 25% in 1990 to 40% in 2012 ... Globally, the share of wealth held by the richest 1% in the world rose from one-third in 2000 to one-half in 2010". [117]

Monetary policy

On August 23, 2019, Carney delivered a speech at the Federal Reserve Bank of Kansas City's 2019 annual Jackson Hole Economic Symposium entitled "The Growing Challenges for Monetary Policy in the current International Monetary and Financial System". Carney said that the "widespread use of the US dollar"—the dominant currency pricing—"in trade invoicing, in place of the currency of either the producer or the importer", [118] has had a "destablilizing" effect on the global economy, according to Reuters. [119] About 50 percent of international trade relies on the US dollar as the "currency of choice". This represents "five times greater than the US's share in world goods imports, and three times its share in world exports". [120] Dominant currency pricing is not problematic when there is "synchronized growth" globally, Carney said. When "the tide is rising in America while receding elsewhere", the system needs to be revamped. Carney cited an article [118] by Markus K. Brunnermeier, Harold James, and Jean-Pierre Landau on the potential role of digital currency area (DCA) in redefining the international monetary system. [120]

Speaking just hours after US President Donald Trump posted a tweet blaming Federal Reserve Chairman Jerome Powell's policies for creating fears of an economic recession and threatening China with more retaliatory tariffs, Carney urged central banks to collaborate in replacing the US dollar as reserve currency. He cautioned against choosing another new hegemonic reserve currency like the renminbi and suggested instead, a "new Synthetic Hegemonic Currency" (SHC), such as Libra, [119] [120] [121] which could potentially be provided "through a network of central bank digital currencies", that would decrease the US dollar's "domineering influence" on trade worldwide. [120] [121]

Moral to market sentiments

On December 2, 2020, Carney delivered the first of four Reith Lectures—the BBC's flagship annual series. [122] In "How We Get What We Value – From Moral to Market Sentiments", he said society had come to esteem financial value over human value and moved from market economies to market societies. The series covers a trio of crises: credit, Covid and climate. [122]

Fiscal policy

Carney also proposed scrapping the capital gains tax increase if elected Liberal leader and appointed prime minister, run a fiscal deficit, and balance the federal government's operational spending. [123]

Foreign policy

Brexit

Carney warned many times that Brexit was expected to negatively influence the UK economy. Consequently, Brexit activists accused him of making statements favouring the UK's continued membership of the European Union (EU) before the British EU-membership referendum. [124] [125] He replied that he felt it was his duty to speak up on such issues. [126]

In September 2018, Philip Hammond, the chancellor of the Exchequer, confirmed speculation that Carney would remain as Governor until January 2020, in order to ensure a "smooth" transition after the UK was set to leave the EU on March 29, 2019, a departure deadline that was missed. [127]

In November 2018, Carney warned that large parts of the British economy were not ready for a no-deal Brexit. Speaking on BBC Radio 4's Today program, Carney explained that fewer than half of businesses had initiated contingency plans. [128]

In February 2019, speaking about the global economy, Carney provided a less negative perspective on Brexit, stating that globalization has resulted in "imbalances of democracy and sovereignty", and that Brexit "is the first test of a new global order and could prove the acid test of whether a way can be found to broaden the benefits of openness while enhancing democratic accountability". [129]

Carney also said that the increase in the perception that a no-deal Brexit is likely is "evidenced by betting odds and financial market asset pricing", resulting in the UK now having "the highest FX (foreign exchange) implied volatility, the highest equity risk premium and lowest real yields of any advanced economy." [120]

NATO

In 2025, Carney promised to spend 2% of Canada's GDP on defence (the NATO target) by the end of 2030. [123]

CANZUK

During the 2025 Liberal Party Leadership Race, and in light of agressive actions taken by the United States under the Presidency of Donald Trump, Carney said that he supported increasing relationships with the UK, Australia, and New Zealand. [130] [131] He didn't endorse the CANZUK partnership by name.

Environmentalism

Climate change

Carney has often advocated for environmental sustainability. [103] He was appointed as a United Nations Special Envoy on Climate Change in 2019. [103] [132] In March 2021, Carney stated that in Canada there is a "huge economic opportunity" in the transition to a sustainable economy with reduced carbon emissions. He says that it is time to listen to scientists that have long been warning about the risks posed by climate change. [132]

In a January 2025 interview with Jon Stewart, Carney attributed much of Canada's emissions to the oil industry, which he argued must become cleaner rather than ordinary Canadians changing their lifestyles. [133] During his Liberal leadership campaign, Carney proposed replacing the existing consumer carbon tax with an incentive program to reward green choices, while keeping tax on large industrial emitters. [134] He also promised to introduce a "carbon border-adjustment" to penalize high-polluting foreign imports. [134]

Housing

In a March 2024 op-ed in the Globe and Mail , Carney advocated for a low-carbon housing policy favouring densification over sprawl. He argued that it should be easier for a homebuilder to densify by eliminating unit maximums, abolishing parking minimums and allowing taller buildings and more density near transit lines. [135]

Publications

The title of Carney's DPhil thesis is The Dynamic Advantage of Competition. [136]

Carney published the book Value(s) Building a Better World for All in 2021. It was positively reviewed by John Ivison for the National Post [137] and by Will Hutton for The Guardian . [138] On May 13, 2025, Carney plans on publishing the book The Hinge: Time to Build an Even Better Canada. [139]

Personal life

Carney met his wife, Diana Fox, [140] a British economist specializing in developing nations, while studying at the University of Oxford. [7] She is active in various environmental and social justice causes. [141] The couple married in July 1994 while he was finishing his doctoral thesis. [142] They have four children and lived in Toronto before moving to the Rockcliffe Park neighbourhood of Ottawa and then moving to London in 2013. [6] They moved back to Ottawa when Carney left his role at the Bank of England in 2020. He is the godfather of Chrystia Freeland's son; Freeland ran against him in the 2025 Liberal Party leadership election. [143]

Carney speaks some French. [144] [145] [146] Carney is an Irish and British citizen in addition to holding Canadian citizenship. [147] [148] In 2025, Carney revealed that he is in the process of renouncing his Irish and British citizenship. [149] Carney has distant relatives in Liverpool and is a supporter of the city's Everton F.C. [150] He is also a supporter of the Edmonton Oilers and the Edmonton Elks. [151] Carney completed the 2015 London Marathon in 03:31:22, which was 17 minutes faster than his time at the 2011 Ottawa Marathon. [152] [153]

Carney is a practicing Catholic. [154] In 2015, he was named as the most influential Catholic in Britain by The Tablet . [155] [156]

Honours and distinctions

References

  1. ↑ "Diana Fox Carney". Skoll. Retrieved January 19, 2025.
  2. 1 2 Thomas, Daniel; Nicolaou, Anna (August 21, 2023). "Bloomberg overhauls management team with Mark Carney to lead new board". Financial Times . Retrieved July 17, 2024.
  3. ↑ "Mark Carney". Glasgow Financial Alliance for Net Zero. June 8, 2021. Retrieved February 9, 2024.
  4. ↑ "x.com". X (formerly Twitter).
  5. 1 2 "Bank of Canada Governor Mark Carney". CBC News . November 26, 2012. Retrieved March 16, 2021.
  6. 1 2 3 4 5 6 7 Scoffield, Heather (January 25, 2008). "Mark Carney takes up his mission [March 30, 2009 update]". The Globe and Mail : B1, B4–5. Archived from the original (print, online news report) on July 16, 2015. Retrieved June 24, 2016.
  7. 1 2 3 4 5 Belluz, Julia (April 21, 2011). "One-on-One with Mark Carney". Reader's Digest . Retrieved June 24, 2016.
  8. ↑ Globe and Mail Staff (December 14, 2009). "Carney, Robert James, Ph.D., Professor Emeritus, University of Alberta". The Globe and Mail . Archived from the original (Obituary) on November 26, 2015. Retrieved June 24, 2016.
  9. ↑ Staff (1957). "Marriages: Carney-Kemper" (bulletin entry). UBC Alumni Chronicle, Autumn. Vancouver: University of British Columbia: 38. Retrieved June 24, 2016. Carney-Kemper. Robert James Martin Carney, B.A.'57, to Verlie Margaret Kemper
  10. 1 2 "Robert Carney's Obituary on Edmonton Journal". Edmonton Journal. Retrieved July 20, 2016.
  11. ↑ Wilson, James (January 7, 2025). "Irishman 'considering' running to replace Trudeau as Canadian Prime Minister". News Talk.
  12. ↑ "Election of Carney in Canada 'very positive' for Ireland". RTÉ News . March 10, 2025.
  13. ↑ Rana, Abbas (January 13, 2025). "Carney expected to launch Liberal leadership bid in Edmonton Thursday: sources". The Hill Times.
  14. ↑ Mah, Bill (November 26, 2012). "Mark Carney: From Edmonton Journal paperboy to Bank of England". Edmonton Journal . Retrieved July 20, 2016.
  15. 1 2 "Mark Carney – Governor, Bank of England". bankofengland.co.uk. Retrieved July 20, 2016.
  16. ↑ "1986-87 Harvard Men's Ice Hockey Profile (historical tab)". Harvard University . Retrieved January 31, 2025.
  17. 1 2 "The governor gets his hands dirty". theglobeandmail.com. Retrieved June 24, 2016.
  18. ↑ Nugent-Bowman, Daniel (November 6, 2018). "In-depth: Embattled Oilers GM Peter Chiarelli defends his record, remains bullish on the future". The New York Times. ISSN   0362-4331 . Retrieved March 9, 2025.
  19. ↑ CBC News Staff (October 4, 2007). "Mark Carney named next Bank of Canada governor" (news brief). CBC News . Ottawa: The Crown. Archived from the original on October 8, 2007. Retrieved June 24, 2016.
  20. ↑ Carney, Mark J. (1993). Competitive advantage and the advantage of competition: a theoretical analysis of national champions, learning-by-doing and spillovers (MPhil thesis). University of Oxford. Retrieved March 10, 2025.
  21. ↑ Carney, Mark J. (1995). The dynamic advantage of competition (DPhil thesis). University of Oxford. Retrieved March 10, 2025.
  22. ↑ Stewart, Heather (June 13, 2013). "Mark Carney: Bank governor's journey from wilderness to heart of the City". The Guardian. Retrieved March 10, 2025.
  23. ↑ Waldie, Paul (June 28, 2013). "Mark Carney not only played goal for the Oxford Blues hockey team, he also managed it". The Globe and Mail. Archived from the original on April 3, 2017. Retrieved February 14, 2019.
  24. ↑ Peter S. Goodman (September 16, 2016). "As Britain Confronts 'Brexit,' a Canadian Takes Center Stage: Mark Carney". The New York Times . Retrieved February 29, 2020.
  25. ↑ Broughton, Philip Delves (November 27, 2012). "Profile: Mark Carney – the hockey playing Goldman Sachs banker who is the new boss of the Bank". Evening Standard .
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