Mark Carney, former Governor of the Bank of Canada, was elected as the new leader of Canada’s ruling Liberal Party on Monday. As a result, he is set to be sworn in as Canada’s new Prime Minister within the week.
Carney is a renowned economic expert who graduated from Harvard University in the United States and Oxford University in the United Kingdom. He previously served as the Governor of the Bank of Canada (BOC) and later became the first foreigner to lead the Bank of England (BOE), the UK’s central bank.
He took office as Governor of the Bank of Canada in February 2008. He was widely praised for effectively managing the fallout from the U.S. subprime mortgage crisis and the global financial crisis that followed later that year.
Since announcing his candidacy in January, Carney has consistently led various opinion polls. His bid gained momentum as several ministers and Members of Parliament declared their support for him.
Since the inauguration of U.S. President Donald Trump, U.S.-Canada relations have deteriorated, and the selection of Canada’s next leader has primarily focused on who would be best suited to handle relations with Washington.
Carney competed against former Deputy Prime Minister and Finance Minister Chrystia Freeland, former Speaker of the House of Commons Karina Gould, and former Member of Parliament and businessman Frank Baylis.
Prime Minister Justin Trudeau, who has had a contentious relationship with Trump, announced his intention to step down in January, prompting the Liberal Party to launch its leadership election process.
Canada is now set to transition into an early general election phase. According to election law, the election must be held before October, but the voting is expected to occur earlier.
